Signals for the Lira Against the US Dollar Today
- Risk 0.50%.
Bullish Entry Points:
- Open a buy order at 34.10.
- Set a stop-loss order below 33.90.
- 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 34.30.
Bearish Entry Points:
- Place a sell order for 34.35.
- Set a stop-loss order at or above 34.51.
- 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 33.99.
This chart produced by the TradingView platform.
Turkish lira Analysis:
The USD/TRY pair has maintained the same levels it has been trading around for most of October. Recently, the dollar price has stabilized around 34.25 lira within the range of movement controlled by the Turkish authorities for the lira price, which seeks to prevent it from falling significantly as part of plans to control inflation and prevent price increases.
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The country's monetary and fiscal policy aims to control inflation, especially after recent data revealed a decline in year-on-year inflation in September at a slower-than-expected pace. Meanwhile, inflation had recorded a year-on-year decline in September to 49.4% compared to 52% recorded in August. Also, forecasts indicated a decline to 48.3%. While the monthly consumer price index was disappointing. Especially, as it is the preferred indicator for the central bank to measure inflation, as it recorded 2.97% compared to 2.47% recorded in August, while forecasts were for it to record only 2.2%.
Regarding the latest data, the country's statistical institute issued a report yesterday on data for the consumer confidence index in Turkey during October. The index recorded an increase of 3% monthly to reach 80.6 points, compared to 78.2 points recorded in September. Furthermore, the index of expectations for the general economic situation over the next twelve months. Also, it recorded an increase of 1.1% to reach 75.3 points in October compared to 74.5 points recorded in September.
The lira price is not expected to record significant changes, especially considering the central bank's control over the lira price balance at the current levels, as it has sufficient reserves to support the lira.
TRYUSD technical Analysis and Expectations Today:
Technically, the trading of the USD/TRY pair has been stable without significant changes throughout most of the current week. Moreover, the price moved within the same boundaries at which it opened weekly trading. The pair is supported by moving above the ascending trendline on the daily timeframe. Also, by trading within an ascending price channel that reflects the overall upward trend of the pair. The pair also moves above the 50 and 200-day moving averages, respectively, also on the four-hour timeframe. The Turkish lira price forecast includes the pair continuing to rise with the price stabilizing within the price channel, where every decline in the dollar price represents an opportunity to buy again.
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