Today's recommendation on the lira against the dollar
- Risk 0.50%.
- The purchase order on Tuesday has been activated and the deal is still being traded
- None of the buy or sell transactions of yesterday were activated
Best buy entry points
Entering a buy position with a direct order from 14.62 . levels
- Set a stop loss point to close the lowest support levels 14.36.
- Move the stop loss to the entry area and continue to profit as the price moves by 50 pips.
Close half of the contracts with a profit equal to 75 pips and leave the rest of the contracts until the strong resistance levels at 14.85.
Best selling entry points
Entering a short position with a pending order from 14.86 . levels
- The best points for setting the stop loss are closing the highest levels of 14.98.
- Move the stop loss to the entry area and continue to profit as the price moves by 50 pips.
Close half of the contracts with a profit equal to 75 pips and leave the rest of the contracts until the support levels 14.40
The lira fell during early trading today, Thursday. Where investors followed a report issued by Bloomberg Agency, which includes some analysts' opinions, the report mentioned expectations of fixing the interest rate by the Turkish Central Bank during the next meeting. Despite the emphasis that most of the central banks in the world follow in raising interest rates to control high inflation rates. The report also stated that expectations focus on the possibility of the lira recording more decline during the current month, despite the stability it has witnessed since nearly a month. Their foreign earnings into the lira.
On the technical front, the Turkish lira declined against the dollar during today's trading, as the pair reached the bottom recorded at the end of last month, which represents strong support levels, as the pair rose from it. In general, the US dollar against the dollar continued to trade within a narrow trading range. The pair is currently trading below the descending trend line on the 240-minute time frame, shown on the chart. The pair also varied around the 50, 100 and 200 moving averages, respectively, on the four-hour time frame, while the pair fell above those averages on the 60-minute time frame. The pair is trading the highest support levels that are concentrated at 14.50 and 14.25 levels, respectively. On the other hand, the lira is trading below the resistance levels at 14.76 and 14.85, respectively. We expect the lira to fluctuate within the current range without major changes. Please adhere to the numbers in the recommendation with the need to maintain capital management.
