(Last Updated April 23, 2021 2:16 GMT)
At the time of this writing, USDTRY’s rate is down -0.05 pips (-0.01%) from the hour prior. This is the 2nd consecutive hour USDTRY has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDTRY. Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
USDTRY End of Day Recap
Updated 00:30 GMT (04:30 EST)
USDTRY is up 1263 pips (1.54%) since the day prior (opening today near 8.3049), marking the 6th straight day an upward move has occurred. For context, observe that the day prior was noteworthy in the sense that USDTRY bested all 39 of the assets in the Forex class. The price chart of USDTRY below illustrates.
USDTRY Technical Analysis
Notably, the current price of USDTRY is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 20 day average, which is 1721.8 pips away. Volatility for USDTRY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 9 out of the past 14 days.