Signals for the USD/TRY Today
- Risk 0.50%.
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Bullish Entry Points:
- Open a buy order at 32.95.
- Set a stop-loss order below 32.75.
- 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 33.29.
Bearish Entry Points:
- Place a sell order for 33.25.
- Set a stop-loss order at or above 33.34.
- 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 32.99.
The Turkish Lira stabilized against the dollar at the start of the weekly trading, trading near its all-time low against the dollar, which was recorded earlier this month at 33.09 Lira. Despite the decline in the Turkish Lira's value, investors followed Turkish Finance Minister Mehmet Şimşek's weekend statements. He said that confidence in the Turkish Lira is continuously increasing, significant progress has been made in the gradual reduction of protected deposit accounts, which is a key goal in the economic program. There is a balance in the economy and an acceleration in foreign inflow to Turkey, with a shift towards Turkish assets and an increase in reserves, pushing net reserves to the highest level in 4.5 years.
In this regard, data revealed an increase in the Central Bank of Turkey's total foreign currency reserves to $153.8 billion last week, compared to the previous data of $148.4 billion. Also, net reserves rose from $43.6 billion to $47.7 billion, with net reserves excluding swaps reaching $22.2 billion.
Despite the continued decline of the Turkish lira, albeit at a slow pace against the dollar, overall economic data, led by inflation data, show a relative improvement over the past months, with the exception of inflation rates, which recorded their first decline last June. This improvement comes in conjunction with most credit rating agencies adjusting economic forecasts in Turkey.
TRYUSD technical Analysis and Expectations Today:
The USD/TRY exchange rate stabilized without significant changes at the start of the week, moving near its all-time high of 33.09 Lira. The pair is trading near the upper boundary of an ascending wedge pattern on the daily time frame, as illustrated in the chart. Simultaneously, the pair received support from trading above the 50 and 200 moving averages on both the daily and four-hour charts, clearly indicating upward momentum control. If the pair continues to rise, it targets resistance levels at 33.25 and 33.50 Lira, respectively. Conversely, if the pair declines, it targets support levels at 32.90 and 32.70 Lira, respectively. Finally, Turkish Lira price forecasts suggest an upward trend as long as it remains above the ascending trend line.
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