ORDI/Turkish Lira Bounces From 124.5 TRY With Bullish Reversal Pattern

Summary
• ORDI/Turkish Lira tested key support near 124.5 TRY, rebounding with a bullish reversal pattern.
• Momentum remains mixed with RSI hovering near neutral and MACD showing fading bullish momentum.
• Volatility expanded during the overnight session, with volume surging as price approached key Fibonacci levels.
• Bollinger Bands widened, indicating a potential shift in market sentiment and increased uncertainty.
• Turnover confirmed price declines in the pre-market but diverged after the 12:00 ET close.

ORDI/Turkish Lira opened at 127.1 TRY at 12:00 ET − 1 and reached a high of 129.0 TRY and a low of 123.6 TRY, closing at 126.0 TRY at 12:00 ET today. The 24-hour volume was 13,098.44, and notional turnover totaled 1,632,833.94 TRY.

Structure and Candlestick Patterns

The 5-minute chart revealed a bearish reversal at 124.5 TRY, with a strong bullish rebound forming a potential hammer pattern around the same level. A large bullish engulfing pattern emerged near 125.0–126.0 TRY, suggesting renewed buying pressure after a period of consolidation and bearish pressure.

Moving Averages

On the 5-minute chart, the 20-period moving average crossed above the 50-period line during the early morning rebound, signaling a short-term bullish bias. On the daily chart, the 50-period MA at ~126.5 TRY acted as a dynamic resistance, with price appearing to test this level twice in the 24-hour period.

MACD and RSI

MACD showed a bearish crossover in the overnight hours, aligning with the lower close. RSI remained in neutral territory (45–55), failing to reach overbought or oversold conditions. This suggests an ongoing tug-of-war between buyers and sellers, with no clear momentum bias.

Bollinger Bands and Volatility

Bollinger Bands expanded significantly during the overnight session, especially between 02:00–08:00 ET, as ORDI/Turkish Lira fluctuated between 123.6 and 126.5 TRY. Price spent most of the session in the lower half of the bands, suggesting bearish bias, but the recent rebound brought it back toward the midline.

Volume and Turnover

Volume spiked during the 05:00–06:00 ET rebound, confirming the bullish reversal. However, the morning’s price gains coincided with lower volume, suggesting weakening conviction. Turnover was highest in the 08:30–09:00 ET and 11:30–12:00 ET periods, coinciding with sharp price swings.

Fibonacci Retracements

The 61.8% Fibonacci retracement level of the overnight swing (123.6–126.5 TRY) aligned with the 125.0 TRY level, which was tested and held during the morning. Price briefly tested the 38.2% level at 125.7 TRY but failed to hold it, suggesting sellers remain dominant.

ORDI/Turkish Lira appears poised to consolidate near 125.0–126.0 TRY, with potential for a short-term rebound if buyers hold this range. However, risks remain to the downside if volume fails to confirm further bullish moves. Investors may want to watch the 125.0 TRY level closely for confirmation or breakdown in the next 24 hours.