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Today's recommendation on the TRY/USD
The risk is 0.50%.
Best buying entry points
- Entering a buy order pending order from the 18.90 level.
- Place a stop loss point to close below the support level at 18.65.
- 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 level at 19.00.
Best-selling entry points
- Entering a sell order pending order from the 19.50 level.
- The best points to place a stop loss close at the 19.65 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 support level at 19.05.
The TRY/USD has stabilized near its lowest level ever, amid reports showing the inability of the Central Bank of Turkey to control the huge demand for the US dollar. The Central Bank expanded measures aimed at controlling the volume of the rising demand for the US currency, with the request of local banks to approve a double exchange rate for the US dollar in transactions between individuals and companies, as the Central Bank stipulated that the dollar be exchanged at an additional premium to companies that have a large cash surplus of foreign currencies.
According to the Bloomberg report, the borrower is expected to record levels of 19.20 pounds for the mentioned companies, compared to 19.15 earlier. Turkey witnessed a difficult economic period, starting with the economic closure in the wake of the spread of the pandemic, through the period of great inflation that struck the global economy and affected the Turkish economy, as inflation recorded record levels last November, and finally a significant decline in the volume of cash reserves at the central bank after the devastating earthquake that hit the country late last month.
TRY/USD Technical Analysis
On the technical front, the TRY/USD varied during today's early trading, and the pair settled near its all-time high, recording 19.11. It maintained the general bullish trend, with the pair failing to record any closure outside the levels of the bullish channel on the time frame of the day, as it was created the pair is forming a rising wedge on the daily time frame. With the pair's upward movement continuing at a slow pace, the dollar against the pound is trading above the support levels of 18.90, 18.80, and 18.70, respectively.
The pair is also trading below the resistance levels at 19.00 and 19.11, which represents the highest price for the pair ever, as well as the pair is trading below the psychological resistance levels at 19.50. The pair is trading above the moving averages 50, 100, and 200 on the time frame of today, in a sign of the general bullish trend on the large time frame, while the price is trading between these moving averages on the 60-minute time frame, in a sign of the slow movement of the pair. Any fall of the dollar against the lira represents an opportunity to buy back again. Please adhere to the numbers in the recommendation, while maintaining capital management.
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