Signals for the Lira Against the US Dollar Today
- Risk 0.50%.
Bullish Entry Points:
- Open a buy order at 33.85.
- Set a stop-loss order below 34.15.
- 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 33.65.
Bearish Entry Points:
- Place a sell order for 34.25.
- Set a stop-loss order at or above 34.34.
- 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 34.00.
Turkish lira Analysis:
The Turkish lira rose slightly during Asian trading on Thursday morning, while trading was close to its all-time lows recorded yesterday.
Meanwhile, a joint report with provisional data from the Turkish Ministry of Trade and the country's Statistical Institute revealed Turkey's foreign trade volume for July. Exports benefited from the lira's decline, rising by 13.8% to $22.51 billion, while imports during the same month fell by 7.8% to $29.81 billion. The trade deficit fell by 41.8% to $7.3 billion, while the export coverage ratio for imports rose to 75.5%. Germany ranked first in exports and China in imports.
During the first seven months of the year, Turkish exports increased by 4.1% to $148.74 billion, while imports fell by 8.3% to $198.68 billion. Also, the trade deficit during the mentioned months decreased by 32.4% to reach $49.94 billion. Moreover, the coverage of exports to imports during the same period reached 74.9%.
Following the release of the data, Finance Minister Mehmet Simsek praised the significant decrease in the current account deficit, which serves the goal of the country's economic team to curb inflation. Vice President Cevdet Yilmaz commented on the data, saying that exports continue to expand, while the foreign trade deficit decreased to $82.4 billion, which enhances economic stability and confidence.
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USD/TRY Technical Analysis and Expectations Today:
Technically, the US dollar price decreased against the Turkish lira “USD/TRY”. Now, the pair is trading above the correct figure at 34 liras after recording record levels at 34.41 liras yesterday. Furthermore, the price seeks to stabilize above the upper limit of the ascending price channel on the daily time frame, as shown in the chart. The general upward trend continues on the pair, which is trading above the 50 and 200 moving averages respectively, which intersect positively on the daily time frame, as well as on the four-hour time frame. If the price rises, it targets the resistance levels concentrated at 34.40 and 34.50 liras respectively. Moreover, if the pair declines, it targets the support levels at 33.90 and 33.70 liras respectively. The Turkish lira price forecast includes an increase in the pair, especially since it settled above the upper limit of the price channel shown.
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