USD/TRY Currency Pair Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Stronger technical forecast for USD/TRY currency pair price after Friday trading.
(Updated on Jun 14, 2024)
The USD/TRY currency pair price gained 1.52% on the last trading day (Friday, 14th Jun 2024), rising from TRY 32.29 to TRY 32.78. During the last trading day the currency pair fluctuated 1.57% from a day low at TRY 32.27 to a day high of TRY 32.78. The price has risen in 5 of the last 10 days and is up by 1.7% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 165 thousand more shares were traded than the day before. In total, 239 thousand shares were bought and sold for approximately TRY 7.82 million.
The currency pair has broken the narrow and horizontal trend up. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately. TRY 32.60 is considered to be a "second chance" to hit a potential runner. It is, however, important that volume does follow the price as false breaks may appear and it may move back into the horizontal trend. Based on the rectangle-formation theory the currency pair is predicted to reach TRY 33.18 sometime during the next 3 months.
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USDTRY Signals & Forecast
Mostly positive signals in the chart today. The USD/TRY currency pair holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at TRY 32.39 and TRY 32.28. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, June 13, 2024, and so far it has risen 1.52%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. The currency pair had a Golden Star Signal on Monday, June 03, 2024 in the short-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
Golden Star
The currency pair had a Golden Star Signal on Monday, June 03, 2024 in the short-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
Support, Risk & Stop-loss for USD/TRY currency pair
USD/TRY finds support from accumulated volume at TRY 32.37 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the currency pair tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved TRY 0.507 between high and low, or 1.57%. For the last week the currency pair has had daily average volatility of 0.556%.
Our recommended stop-loss: TRY 31.06 (-5.25%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 7 days ago.)
Trading Expectations (USDTRY) For The Upcoming Trading Day Of Monday 17th
For the upcoming trading day on Monday, 17th we expect USD/TRY to open at TRY 32.61, and during the day (based on 14 day Average True Range), to move between TRY 32.55 and TRY 33.01, which gives a possible trading interval of +/-TRY 0.226 (+/-0.69%) up or down from last closing price. If USD/TRY takes out the full calculated possible swing range there will be an estimated 1.38% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ TRY 32.37, some TRY 0.406 (1.24%) from the current price of TRY 32.78, our system finds the risk reward attractive.
Is USD/TRY currency pair A Buy?
USD/TRY holds several positive signals and has broken the narrow and horizontal trend up. As the currency pair is in great technical shape we, therefore, consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.525 Strong Buy Candidate Upgraded
Predicted Opening Price for USD/TRY of Monday, June 17, 2024
| Fair opening price June 17, 2024 | Current price |
|---|---|
| TRY 32.61 ( 0.516%) | TRY 32.78 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for USDTRY
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 33.12 | 1.03% |
| R2 | 32.92 | 0.441% |
| R1 | 32.80 | 0.0753% |
| Price | 32.78 | |
| S1 | 32.42 | -1.11% |
| S2 | 32.30 | -1.47% |
| S3 | 32.10 | -2.06% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 32.78 | |
| S1 | 32.37 | -1.24% |
| S2 | 32.29 | -1.50% |
| S3 | 32.11 | -2.03% |
FAQ
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