Today’s recommendation on the lira against the dollar
Risk 0.50%.
Yesterday’s buy deal was activated and it is still trading
Best selling entry points
- Entering a short position with a pending order from levels of 18.33
- Set a stop-loss point to close the lowest support levels at 18.55.
- 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 55 pips and leave the rest of the contracts until the strong resistance levels at 17.70.
Best entry points buy
- Entering a buy position with a pending order from levels of 17.85
- The best points for setting stop-loss are closing the highest levels of 17.54.
- 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 55 pips and leave the rest of the contracts until the support levels 18.31
The Turkish lira continued its losses against the dollar that have been going on for nearly a month. There is nothing new in the Turkish financial policy that may support the cessation of the lira’s decline despite any action taken by the financial authorities represented by the Ministry of Treasury and Finance in the country. Analysts expect that the lira is heading to its lowest level recorded against the dollar during the past year, amid economic developments that are not considered anything new except in constructive words. In this regard, the final statement of the Financial Stability Committee of the Ministry of Treasury and Finance in the country was issued this morning, which ended with a statement saying that the committee discussed comprehensively the effects of economic developments on the country’s financial system and developments in the banking and insurance sectors, with a certainty that the committee will continue to take the necessary steps to stabilize the situation. It is a vague statement that does not express anything new that may allow further decline of the lira, which lost any support from the Turkish Central Bank regarding raising the interest rate.
USD/TRY Forecast
On the technical front, the Turkish lira fell against the US dollar, as the pair settled near the top recorded this week. The pair is based above the ascending trend line on the four-hour time frame shown on the graph. At the same time, the pair is trading the highest support levels that are concentrated at 17.70 and 17.62 levels, respectively. Meanwhile, the lira is trading below the resistance levels at 18.00 and 18.32, respectively. The pair is also trading above the moving averages 50, 100 and 200, respectively, on the four-hour time frame as well as on the 60-minute time frame, indicating the bullish trend on the medium term. We expect to re-record new highs, especially with every dip in the pair, which represents a buying opportunity. Please adhere to the numbers in the recommendation with the need to maintain capital management.
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