Today's recommendation on the USD/TRY
- Risk 0.50%.
- None of the buy or sell transactions of yesterday were activated
Best buying entry points
- Entering a buy position with a pending order from levels of 18.16
- Set a stop-loss point to close below the 18.05 support levels.
- 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 70 pips and leave the rest of the contracts until the strong 18.31 resistance level.
Best selling entry points
- Entering a sell position with a pending order from the 18.32 levels.
- The best points for setting stop-loss are closing the 18.55 highest levels.
- 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 70 pips and leave the rest of the contracts until the 17.85 support levels.
The price of the Turkish lira fell against the US dollar during today's early trading, as the lira recorded its lowest level against the US currency this year, after the pair touched the 18.30 level. The pair approached its highest levels recorded at the end of last year before the intervention of Turkish President Recep Tayyip Erdogan, with a program It aims to protect citizens' savings from fluctuations against foreign currencies.
It is noteworthy that since the lira rose after the announcement of the program, the lira experienced some stability before it started a slow wave of decline (reflecting the intervention of the Turkish Central in the exchange rate to prevent a strong decline in the lira price) to reach the same levels after about nine months. Analysts attribute the declines to the poor conditions of the Turkish economy, which were exacerbated by the rise in the prices of energy imports following the Russian invasion of Ukrainian lands. Energy prices caused the country to record inflation at record levels. At the same time, the Turkish Central Bank adheres to a monetary stimulus policy, unlike all international banks, which may continue to pressure the lira.
USD/TRY Technical Analysis
The Turkish currency recorded a decline against the dollar at the same slow pace during today's trading. The pair recorded hit the 18.30 level, before it returned to trading in a narrow movement range shown on the chart.
The pair is still trading within an ascending channel on the four-hour time frame. It is still trading above the 50, 100 and 200 moving averages on the daily time frame, as well as on the four-time frame, where the pair maintained the bullish trend.
It is also trading the highest levels of support, which are concentrated at the 18.24 and 18.16 levels, respectively. On the other hand, the lira is trading below the resistance levels at 18.30 and 18.32. Any drop for the pair represents an opportunity to buy back again with the aim of reaching the previous high recorded during the past year. Please adhere to the numbers in the recommendation with the need to maintain capital management.
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