Today's recommendation on the USD/TRY
Risk 0.50%.
Best buying entry points
- Entering a buy position with a pending order from levels of 18.39
- Set a stop-loss point to close below the 18.25 support levels.
- Move the stop loss to the entry area and continue to profit as the price moves by 50 pips.
- Close half of the contracts with a profit of 70 pips and leave the rest of the contracts until the strong resistance levels at 18.99.
Best selling entry points
- Entering a short position with a pending order from levels of 18.99
- The best points for setting stop-loss are closing the highest levels of 19.15.
- Move the stop loss to the entry area and continue to profit as the price moves by 50 pips.
- Close half of the contracts with a profit equal to 70 pips and leave the rest of the contracts until the 18.55 support levels.
The Turkish lira maintained its decline against the US dollar, as the Turkish currency lost daily against the dollar. The lira recorded its lowest level yesterday, after recording 18.58 against the dollar. Observers expect that the status quo will not change amid the continuing divergence of monetary policy between the Turkish Central Bank, which follows a stimulus fiscal policy, and the Federal Reserve, which tightens this policy by raising the interest rate.
Meanwhile, other news followed, the most prominent of which was the release of a report from the European Bank for Reconstruction and Development. which revised its forecast for the growth of the Turkish economy this year from 2 percent to 4.5 percent on the back of high domestic demand and a slight recovery in exports and next year. In other news, there were reports that Turkish banks could exit the Russian money transfer system (MIR), which Russia is adopting after being banned from the international money transfer system SWIFT.
USD/TRY Technical Analysis
On the technical front, the Turkish lira continued to decline against the dollar, to record a new high that surpassed yesterday's peak, as the pair recorded record levels at 18.58. The pair is trading above the 50, 100 and 200 moving averages on the daily time frame, as well as on the four-time frame, where the pair maintained a strong bullish trend.
The pair is also trading the highest levels of support, which are concentrated at levels of 18.40 and 18.30, respectively. On the other hand, the lira is trading below the resistance levels at 18.99. Any drop for the pair represents an opportunity to buy back again with the aim of reaching the previous high recorded during the past year. Please adhere to the numbers in the recommendation with the need to maintain capital management.
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