(Last Updated April 9, 2021 23:16 GMT)
At the time of this writing, USDTRY’s rate is up 0.41 pips (0.05%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 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 choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
USDTRY End of Day Recap
Updated 00:30 GMT (04:30 EST)
The choppiness in the recent daily price action of USDTRY continues; to start today, it came in at a price of 8.1281, down 29 pips (0.04%) since yesterday. Relative to other instruments in the Forex asset class, USDTRY ranked 16th yesterday in terms of percentage price change. Let’s take a look at price chart of USDTRY.
USDTRY Technical Analysis
The first thing we should note is that 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 1435.4 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 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 15 out of the past 30 days.
The View From Around the Web
Not much in terms quality buy/sell signals we’re seeing for USDTRY; just 1 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
1-Above 7.950 will get 8.388 then 8.530 2-stabilize under 7.900 will get 7.741 ..———————- But first option upward have more probability because make it stable above 7.95 and 8.130 this price is recommended to get 8.30 then 8.50 ,,,But another side downward should be break the 7.74 to take strong sell