USDTRY Up 10 Pips On Hourly Chart, Outperforms All Forex; Makes Big Move Relative to Two Week Trend – CFD Trading

Hourly Update

(Last Updated April 23, 2021 23:16 GMT)

Currently, USDTRY’s rate is up 0.1 pips (0.01%) from the hour prior. The hourly chart shows that USDTRY has seen 2 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDTRY. Given that we see an uptrend on the 20 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 yesterday (opening today near 8.3049), marking the 6th straight day an upward move has occurred. For context, observe that yesterday was noteworthy in the sense that USDTRY bested all 39 of the assets in the Forex class. Here is a price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

Notably, USDTRY is now close to its 20 day averages, located at 8.1327 respectively, and thus may be at a key juncture along those timeframes. 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. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 18 out of the past 30 days.

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