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Today's recommendation on the USD/TRY
Risk 0.50%.
Best buying entry points
- Entering a buy deal with a pending order from the 19.30 level.
- Place a close stop loss point below the 18.99 level.
- Move the stop loss to the entry area and follow the profit with the price moving by 50 points.
- Close half of the contracts with a profit equal to 70 points and leave the rest of the contracts until the strong resistance levels at 19.50.
The best-selling entry points
- Entering a sell deal with a pending order from the 19.65 level.
- The best points for placing a stop loss close at the 19.75 level.
- Move the stop loss to the entry area and follow the profit with the price moving by 50 points.
- Close half of the contracts with a profit equal to 70 points and leave the rest of the contracts until the support level at 19.05.
The Turkish lira fell against the dollar to record levels of decline against the US dollar, the dollar recorded levels of 19.67 liras. Investors followed updates on the results of the Turkish elections, after all the ballot boxes were counted, according to the head of Turkey's Supreme Election Council Ahmet Yener, he lost, and Erdogan currently received 49.49% of the votes, while Kemal Kilicdaroglu, the leader of the opposition Republican People's Party, received 44.79% of the voices.
In previous statements, the Turkish president, Recep Tayyip Erdogan, said that there is still a chance for him to win enough votes in the first round of the presidential elections to exceed the 50% threshold and achieve a final victory, although he expressed his hope that the elections would end in the first round.
However, the current president also stated that if there is a second vote, he is ready for it. Meanwhile, ultra-nationalist candidate Sinan Ogan, who won about 5% of the vote in Turkey's presidential election, said he believed the election would likely continue into a second round on May 28. The stock market index in the country "BIST 100" (BIST 100) had declined to its highest level in 3 months, registering a decline of 6.4%, it is mentioned that the economic reports expected strong declines for the lira after the elections.
TRY/USD Forecast
On the technical level, the dollar pair rose against the Turkish lira to record its highest new levels ever, after the pair touched levels of 19.67 lira per dollar. For the American currency to continue its mounting gains against the pound which is declining at a slow pace. At the moment, the price is trading within the range of the rising price channel on the four-hour time frame, the closing price could not be higher than it, and the price is trading above the support levels which are concentrated at 19.40 and 19.34, respectively.
At the same time, the price stabilizes below the resistance levels at 19.58 and 20.00. The price is moving above the 50, 100, and 200 moving averages on the daily time frame, as well as on the four-hour time frame and the 60-minute time frame, indicating a strong general upward trend. Due to the difference in monetary policy and the economic situation for Turkey and the expected changes in monetary policy after the elections, any drop in the dollar against the lira represents an opportunity to buy again. Please adhere to the numbers in the recommendation with the necessity of maintaining capital management.
