Today's recommendation on USD/TRY
Risk 0.50%.
Best buying entry points
- Entering a long position with a pending order from 18.50 level.
- Set a stop-loss point to close below the 18.35 support level.
- 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 of 70 pips and leave the rest of the contracts until the strong resistance levels at 18.99.
Best selling entry points
- Entering a short position with a pending order from the 18.99 level.
- The best points for setting stop-loss are closing the 19.15 highest level.
- 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 18.55 support level.
July exceeded expectations. The proceeds of foreign investment flows into the country rose to record 573 million dollars, in conjunction with the increase in foreign exchange reserves by 10.8 billion dollars. Despite the mostly positive data, the price of the lira against the dollar has now settled near its lowest level ever, as the country did not witness progress about inflation data, which rose sharply during the current year, amid continued promises of officials to reduce inflation.
USD/TRY Forecast
On the technical front, the Turkish lira traded stable against the dollar, as the local currency witnessed slight changes against the US currency. Where the pair is trading near the record lows recorded during the current week's trading, recording levels of 18.66. The pair is also trading the highest levels of support, which are concentrated at levels of 18.50 and 18.40, respectively.
On the other hand, the lira is trading below the resistance levels at 18.65 and 18.99, respectively. In the meantime, the pair is trading above the 50, 100 and 200 moving averages on the daily time frame, indicating the general bullish trend, while the pair is trading between these averages on the four-hour time frame as well as on the 60-minute time frame, which shows the extent of volatility and trading in the narrow range registered by the husband. 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.
Ready to trade our free Forex currency signals? Here are some excellent Forex brokers to choose from.