USDTRY Up 63 Pips Over Past Hour, Outperforms All Forex; Makes Big Move Relative to Two Week Trend – CFD Trading

Hourly Update

(Last Updated May 13, 2021 22:16 GMT)

Currently, USDTRY’s rate is down 0.02 pips (0%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDTRY has now gone down 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 100 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 1359 pips (1.64%) since the day prior (opening today near 8.417), marking the 4th straight day an upward move has occurred. USDTRY outperformed all 39 assets in the Forex asset class the day prior. The price chart of USDTRY below illustrates.

USDTRY

USDTRY Technical Analysis

Coming into today USDTRY is now close to its 20 day moving averages, which may act as price barrier for the asset. 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 1472 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days USDTRY’s price has gone up 7 them.

The View From Around the Web

Not much commentary on USDTRY that we’re finding noteworthy here; guess people aren’t watching this one :). Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Turkish Lira can finally get back on its feet thanks to the weakening US Dollar. -Entry @ current market price-Stop-Loss: 8.10-Take Profit: 9.50

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