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
USD/TRY currency pair upgraded to Buy Candidate.
(Updated on Jun 24, 2024)
The USD/TRY currency pair price fell by -0.126% on the last day (Monday, 24th Jun 2024) from TRY 32.81 to TRY 32.76. During the last trading day the currency pair fluctuated 0.253% from a day low at TRY 32.72 to a day high of TRY 32.81. The price has risen in 6 of the last 10 days and is up by 1.34% over the past 2 weeks. Volume fell on the last day along with the currency pair, which is actually a good sign as volume should follow the currency pair. On the last day, the trading volume fell by -80 thousand shares and in total, 32 thousand shares were bought and sold for approximately TRY 1.05 million.
The currency pairis at the upper part of a narrow and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at TRY 32.85 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect USD/TRY currency pair with a 90% probability to be traded between TRY 32.43 and TRY 33.12 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and currency pairs seldom manage to go directly from the bottom of a trend up to the top. Currency pairs turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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USDTRY Signals & Forecast
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 32.73 and TRY 32.35. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, June 17, 2024, and so far it has fallen -0.219%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this currency pair may have low liquidity in periods, which increases the general risk. 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 32.73 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 therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the currency pair During the last day, the currency pair moved TRY 0.0829 between high and low, or 0.253%. For the last week the currency pair has had daily average volatility of 0.781%
Our recommended stop-loss: TRY 31.47 (-3.94%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 7 days ago.)
Trading Expectations (USDTRY) For The Upcoming Trading Day Of Tuesday 25th
For the upcoming trading day on Tuesday, 25th we expect USD/TRY to open at TRY 32.76, and during the day (based on 14 day Average True Range), to move between TRY 32.52 and TRY 33.00, which gives a possible trading interval of +/-TRY 0.241 (+/-0.74%) up or down from last closing price. If USD/TRY takes out the full calculated possible swing range there will be an estimated 1.47% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at TRY 32.78 (0.06%) than the support at TRY 32.73 (0.11%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is USD/TRY currency pair A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for USD/TRY currency pair to perform well in the short-term period. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.065 Buy Candidate Upgraded
Predicted Opening Price for USD/TRY of Tuesday, June 25, 2024
| Fair opening price June 25, 2024 | Current price |
|---|---|
| TRY 32.76 ( 0.0006%) | TRY 32.76 |
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 | 32.85 | 0.254% |
| R2 | 32.82 | 0.157% |
| R1 | 32.80 | 0.0973% |
| Price | 32.76 | |
| S1 | 32.73 | -0.0960% |
| S2 | 32.71 | -0.156% |
| S3 | 32.68 | -0.252% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 32.84 | 0.220% |
| R2 | 32.81 | 0.126% |
| R1 | 32.78 | 0.0555% |
| Price | 32.76 | |
| S1 | 32.73 | -0.111% |
| S2 | 32.45 | -0.97% |
| S3 | 32.29 | -1.45% |
FAQ
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