Today's recommendation on the TRY/USD
The risk is 0.50%.
Best buying entry points
- Entering a buy order pending order from the 18.50 level.
- Place a stop loss point to close below the 18.25 support level.
- Move the stop loss to the entry area and follow the profit when 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 strong resistance levels at 18.99.
Best-selling entry points
- Entering a sell order pending order from the 18.99 level
- The best points to place a stop loss close to the highest level of 19.15.
- Move the stop loss to the entry area and follow the profit when 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 level.
The price of the lira stabilized against the dollar during the trading at the beginning of the week, as attention began to focus on the important elections expected during the next year. This happened amid promises made by the government and the opposition to attract the largest number of supporters. In this regard, Kilicdaroglu, leader of the Republican People's Party (leader of the opposition in the country), said that if he succeeds, he will attract investments worth about $ 100 billion over 3 years if he takes power, and the opposition leader also pledged to appoint a trustworthy central bank governor.
It is noteworthy that the current central bank governor, Shihab Kafji, who was appointed by the country's president to his position after a series of previous dismissals that affected a number of central bank governors who did not comply with Erdogan's desire to reduce the interest rate over the past years. It is noteworthy that the country is exposed to a crisis in the number of foreign currencies available at the same time, inflation in the country recorded record levels, reaching 85%, in conjunction with a series of interest rate cuts over four consecutive meetings of the Central Bank of the country, as the bank aims to reach the interest rate in the box Singles, in light of the bank’s control over the exchange rate of the lira, as the bank works to stabilize the price by intervening in the market to balance the price of the lira.
TR/USD Technical Analysis
On the technical front, the TRY/USD pair traded almost steadily during today's trading. The pair recorded a new peak at the 18.72 level during last week's trading, before returning to the narrow trading range in which the pair has been trading for nearly two months. The US dollar pair traded against the Turkish lira above the moving averages 50, 100, and 200 on the daily time frame, indicating the general bullish trend of the dollar against the lira. The price traded between these averages on the four-hour time frame as well as on the 50-minute time frame, in a sign of the divergence that The pair records it in the medium term.
At the same time, the pair is trading above the support levels that are concentrated at 18.40 and 18.20, respectively. On the other hand, the pair is trading below the resistance level at 18.72, which is the highest recorded peak for the pair, as well as the psychological resistance at 19.00. Any drop in the pair represents an opportunity to buy back again. Please adhere to the numbers in the recommendation, while maintaining capital management.
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