Today's recommendation on the TRY/USD
Risk 0.50%.
Best buying entry points
- Entering a long position with a pending order from levels of 18.50
- Set a stop-loss point to close below the 18.25 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 of 70 pips and leave the rest of the contracts until the strong resistance levels at 18.99.
Best-selling entry points
- Enable a short position with a pending order from levels of 18.99
- The best points for setting stop-loss are closing the highest levels of 19.15.
- 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 levels
The Turkish lira stabilized against the US dollar unchanged, in anticipation of the interest decision from the Turkish Central Bank, which is expected next Thursday. According to the latest forecasts of the Turkish Central Bank issued at the end of last week, the interest rate in the country is expected to decline to the limits of 9 percent before the end of this year. This rate was supported by Turkish President Recep Tayyip Erdogan, who encouraged the bank's board of directors to drop the interest rate to the single digits.
It is noteworthy that the bank’s expectations regarding the exchange rate of the Turkish lira had reached levels of 19.5 by the end of this year, which could be achieved if the Central Bank of Turkey raised its support for the price of the Turkish lira. The Turkish president, who effectively controls the country's monetary and financial policy, insists on following a new monetary policy that is contrary to what is common among global central banks, as he insists on reducing interest rates despite the high rate of inflation in the country.
TRY/USD Technical Analysis
On the technical front, the Turkish lira's trading against the dollar was unchanged amid the pair's trading within a narrow range that has been going on for several weeks, as the pair continued trading within the rectangle range shown on the four-hour time frame and shown on the attached chart.
At the same time, the pair traded above the 50, 100, and 200 moving averages on the daily time frame, as the pair recorded a bounce from the 50 moving average. The price is trading between these averages on the four-hour time frame as well as on the 50-minute time frame, in an indication of the divergence it is recording medium-term pair.
The pair maintained its highest levels of support, which are concentrated at 18.40 and 18.20, respectively. On the other hand, the lira is trading below the resistance levels of 18.70 as well as the psychological resistance at 19.00.
Any drop in the pair represents an opportunity to buy back again. Please adhere to the numbers in the recommendation with the need to maintain capital management.
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