Start Trading Now Get Started
Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

USD/TRY Forecast: Lira Extends Losses

By Amir Issa
Economic editor , more than 12 years experience in the global financial markets and in the field of currency and metals trading. I supervised on many sites related to investment, finance and training in the field of forex and global exchanges.

Signals for the Lira Against the US Dollar Today

  • Risk 0.50%.

Bullish Entry Points:

  • Open a buy order at 32.25.
  • Set a stop-loss order below 33.00.
  • 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 33.50.

Bearish Entry Points:

  • Place a sell order for 33.50.
  • Set a stop-loss order at or above 33.64.
  • 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 33.30.

USD/TRY Forecast Today 05/08: Lira Extends Losses (graph)

Turkish lira Analysis:

The Turkish Lira fell against the dollar at the start of weekly trading, recording a new record low against the dollar. Recently, the pair broke the 33.30 levels as the lira traded at its lowest level ever against the dollar, following the country's inflation data.

Investors followed the inflation data issued this morning from Turkey, which recorded a significant improvement on an annual basis, while inflation rose on a monthly basis. The details issued by the Turkish Statistical Institute revealed that the consumer price index recorded an increase of 61.78% on an annual basis during July, compared to 71.6% recorded in June. Meanwhile, the index recorded an increase on a monthly basis by 3.23% compared to 1.64% compared to last June.

At the same time, core inflation (which excludes the most volatile elements) recorded a slowdown on an annual basis, recording 60.23% in July, compared to 71.41% recorded in last June. The housing sector led inflation after the sector recorded an increase of 8.08%, the highest monthly increase, affected by a 38% increase in electricity prices during the past month. The prices of alcoholic beverages and tobacco also rose by 5.84%, while transportation prices in Turkey rose by 3.82% during July.

It is worth noting that the shift in fiscal and monetary policy witnessed by Turkey aims to curb inflation, as the announced inflation target by the end of this year is around 36%.

Top Forex Brokers

1
Get Started 74% of retail CFD accounts lose money Read Review

TRYUSD Technical Analysis and Expectations Today:

The USD/TRY exchange rate rose, with the pair reaching new highs early this morning. Technically, the price broke through the upper boundary of the rising wedge pattern on the daily timeframe, as illustrated in the chart. Also, the pair traded above the 50 and 200 moving averages on both the daily and four-hour timeframes, with the overall upward trend resuming control of the pair. If the pair continues to rise, it targets resistance levels at 33.50 and 33.70 lira, respectively. Conversely, if the pair declines, it targets support levels at 33.25 and 33.10 lira, respectively. The Turkish lira price forecast suggests a rise in the pair, especially if it closes the day above the upper boundary of the wedge pattern.

Ready to trade our daily Forex forecast? Here’s a list of some of the top forex brokers in Turkey to check out. 

Amir Issa
Economic editor , more than 12 years experience in the global financial markets and in the field of currency and metals trading. I supervised on many sites related to investment, finance and training in the field of forex and global exchanges.

Most Visited Forex Broker Reviews