We expect the pair to rise until the resistance levels at 14.77 as well as 14.85 before the lira records some gains again.
Today’s USD/TRY Signal
Risk 0.50%.
Thursday’s buy trade was activated and a profit was exited as the price moved in the direction of the target and the stop loss moved towards the entry point.
Best entry points buy
- Entering a long position with a pending order from 14.51 levels
- Set a stop loss point to close the lowest support levels 14.36.
- 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 75 pips and leave the rest of the contracts until the strong resistance levels at 15.00.
Best selling entry points
- Entering a short position with a pending order from 14.81 levels.
- The best points for setting the stop loss are closing the highest levels of 14.98.
- 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 75 pips and leave the rest of the contracts until the support levels 14.40
The Turkish lira fell during early trading Monday, as investors focused on the morning data as the CPI rose at an annualized rate of 61.1% during March, compared to 54.4% in February. The core price index, which excludes food and energy, rose more than 48% from the previous year. On the political front, Turkish presidential spokesman Ibrahim Kalin said on Friday that Ankara is not planning to “burn all bridges” with Russia and will not join the sanctions against Moscow as a result of the conflict in Ukraine. Kalin also stated that the European Union would not be able to completely end its dependence on Russian energy within the next 10 years despite plans to do so within two years amid Russia’s intervention in Ukraine.
On the technical level, the Turkish lira’s trading declined against the dollar during the early trading, with the lira losing part of its gains recorded during the past week. Although the lira is still trading in general within a narrow range in the range between 14.51 and 14.77. The pair varied around the 50, 100 and 200 moving averages, respectively, on the four-hour time frame, as well as the 60-minute time frame. The pair is trading the highest levels of support, which are concentrated at 14.51 and 14.43 levels, respectively. On the other hand, the lira is trading below the resistance levels at 14.77 and 14.85, respectively. We expect the pair to rise until the resistance levels at 14.77 as well as 14.85 before the lira records some gains again. Please adhere to the numbers in the recommendation with the need to maintain capital management.
