Signals for the Lira Against the US Dollar Today
- Risk 0.50%.
Bullish Entry Points:
- Open a buy order at 32.55.
- Set a stop-loss order below 32.25.
- 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 32.99.
Bearish Entry Points:
- Place a sell order for 32.99.
- Set a stop-loss order at or above 33.14.
- 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 32.25.
The performance of the Turkish currency varied against the dollar during morning trading on Thursday, while the Turkish currency recorded overall performance this week. The lira is trading near its lowest levels ever, near 33 liras per dollar. Investors followed the release of a number of data yesterday, the most important of which was the decline in unemployment and the rise in the trade deficit. Clearly, the most important data released earlier was about inflation rates in the country. Decisively, it declined from the annual consumer price inflation rate to 71.6% in June, which is lower than expected, at a monthly rate of 1.64%, down from 3.37% in May.
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In the details of the data, an official report revealed that the unemployment rate in Turkey decreased slightly during the month of May, reaching 8.4%, down 0.1% compared to April. Also, the total number of unemployed people in the country reached 3.011 million. Meanwhile, the rate recorded a decline of 1.1% on an annual basis. Moreover, the unemployment rate among males recorded about 7%, and the unemployment rate among females reached 11%. In general, the youth unemployment rate rose to 15% in May, with 12.8% for young men and 19.3% for young women.
In other data released yesterday by the country's statistics authority, the country's trade deficit rose by 21.4% year-on-year in June to $6.43 billion. Exports fell by 10.6% to $18.57 billion, while imports fell by 4.1% to $25 billion.
TRYUSD technical Analysis and Expectations for Today:
Technically, the US dollar exchange rate against the Turkish lira (USD/TRY) varied during this morning's trading. Concurrently, the pair traded below the psychological resistance levels cantered at the 33 lira per dollar mark. Recently, the pair maintained its movement above the ascending trend line on the four-hour time frame, as shown in the chart. Also, the pair maintained its trading above the 50 and 200 moving averages on the daily time frame, while the pair turned to trade around the 50 and 200 moving averages on the four-hour time frame. As well as, on the daily time frame, indicating the dominance of the general upward trend on the pair. If the pair rises, the pair may target the levels of 32.99 and 33.15. On the other hand, if the price falls, it will target the support levels at 32.50 and 32.30. The Turkish lira price forecast includes an increase in the price if it stabilizes above the ascending trend line.
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