Today's recommendation on the lira against the dollar
- Risk 0.50%.
- Yesterday's buy deal was activated, and a profit was exited with closing half of the contracts and moving the stop loss point with the price movement
Best selling entry points
Entering a short position with a pending order from levels of 18.33
- Set a stop-loss point to close the lowest support levels at 18.55.
- 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 55 pips and leave the rest of the contracts until the strong resistance levels at 17.70.
Best entry points buy
Entering a long position with a pending order from 17.98 levels
- The best points for setting stop-loss are closing the highest levels of 17.74.
- 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 55 pips and leave the rest of the contracts until the support levels 18.31
Analysis of the Turkish lira
The USD/TRY has stabilized at its lowest levels during the current year, as investors followed the statements made by Turkish President Recep Tayyip Erdogan, whose purpose was to provide some reassurance. The Turkish President said that the Turkish government will face the high cost of living starting from the first months of 2023. He also expressed his regret over the high inflation figures as he called for the impact of this inflation on the economy, explaining that the country does not need to raise the interest rate as the country does not need hot money. He also called on citizens to trust his economic model. With these statements, the Turkish president, who has effective control over the Central Bank of Turkey, cut off any hope of tightening monetary policy in the country. This means that the bank's next steps will be limited to stabilizing or reducing interest rates. Which reflects the continuing pressures on the price of the lira during the coming period.
Turkish Lira Technical Analysis
The US dollar pair against the Turkish lira traded near its highest levels during 2022, as the pair returned to trading in a narrow trading range, which is shown on the chart. The pair is also trading above the moving averages 50, 100 and 200, respectively, on the four-hour time frame as well as on the 60-minute time frame, indicating the long-term bullish trend. The pair traded the highest support levels, which are concentrated at 18.08 and 17.98 levels, respectively. While the lira is trading below the resistance levels at 18.16 and 18.33, respectively. The chance of the lira rising against the dollar is still weak, as the pair is heading in a general bullish direction in general. As each decline of the pair represents a good buying opportunity, please adhere to the numbers in the recommendation, with the need to maintain capital management.
Ready to trade our daily Forex signals? Here’s a list of some of the best Forex trading platforms to check out.
