Signals for the Lira Against the Dollar Today
- Risk 0.50%.
Bullish Entry Points:
- Open a buy order at 32.40.
- Set a stop-loss order below 31.20.
- Move the stop-loss to the entry point and follow the profit with a price movement of 50 pips.
- Close half the contracts at a profit of 70 pips and leave the rest until the strong resistance levels at 32.80.
Bearish Entry Points:
- Place a sell order at 32.77.
- Set a stop-loss order at or above 32.98.
- Move the stop loss to the entry point and follow the profit with a price movement of 50 pips.
- Close half the contracts at a profit of 70 pips and leave the rest until the support levels at 31.95.
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Trading of the US dollar against the Turkish lira “USD/TRY” remained stable during morning trading today, Thursday, with the pair seeing no significant changes throughout the current week. The price traded within a limited range below the peak recorded at levels of 32.88.
Currently, investors are awaiting the decision of the Turkish Central Bank on interest rates, with expectations that the bank will maintain the interest rate at the same levels it raised during last month's meeting at 50%. Inflation data, which recorded expansion, forced the bank to approve a new interest rate hike in March after repeated statements about maintaining it at levels of 45%. Furthermore, other forecasts suggest that the Turkish Central Bank will adhere to high interest rates for several meetings before gradually reducing them starting from the fourth quarter of the current year.
Meanwhile, investors followed statements by Turkish Finance Minister, Mehmet Şimşek, who affirmed that his government's goal is to reduce inflation rates to 36% by the end of 2024, before decreasing to 14% during the next year, and then reaching the targeted levels of 9% by 2026. Also, The Turkish minister added that his country has taken all measures to ensure price stability over the next three years.
On the data front, the Turkish Statistical Institute announced that the services confidence index decreased by 2.8%, while the index recorded an increase in the retail trade sector by 1.9%. Decisively, the confidence index in the construction sector remained stable without change during April.
TRYUSD technical Analysis and Expectations Today:
Technically, the USD/TRY pair remained within the same range it has been moving in throughout the current week, gradually losing momentum. Recently, the pair maintained its limited movements above the ascending trend line on the daily timeframe, as shown in the chart attached. Additionally, the price stabilized above the 50 and 200 moving averages on the daily timeframe, as well as on the four-hour timeframe, which positively crossed upwards, indicating buyer dominance within the overall upward trend recorded by the pair in the long term. In case of a decline in the pair, it targets support levels concentrated at 32.40 and 32.25, respectively. On the other hand, in case of a price increase, it targets resistance levels concentrated at 32.75 and 32.87, respectively, including expectations for the Turkish Lira to rise against the pair as long as it stabilizes above the ascending trend line.
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