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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 19.00 level.
- Place a stop loss point to close below the 18.85 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 level at 19.50.
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 price of the Turkish lira settled near its lowest level ever against the US dollar, which it recorded during trading at the beginning of the week. Continuators followed an update of some expectations about the future of data in the country, as some expectations for inflation, the price of the lira, and the size of the current account deficit were published by experts affiliated with the Central Bank of Turkey. Expectations include a decline in inflation during the 12 months from 31.63% slightly to 31.02%, and expectations for the lira recorded more declines against the dollar, as the price of the dollar is expected to rise to 24 pounds, compared to 23.52 pounds per dollar in previous expectations.
The occurrences include an increase in the current account deficit in the country until the end of 2023, to reach $37.8 billion. Finally, the expectations of GDP growth during the current year include stability at a growth rate of 3.5%. The non-optimistic expectations of the price of the lira coincide with the expectations of Western banks of a decrease in the price of the lira after the upcoming elections in less than a month, away from the identity of the party or president who won the elections.
TRY/USD Forecast
On the technical front, without changes, the dollar pair stabilized against the Turkish lira during today's early trading, as the pair traded near its all-time low, which it recorded during the current week, at 19.46 lira per dollar. Currently, the pair is trading inside an ascending channel on the four-hour time frame, amid the dollar continuing to record gains against the lira, which is taking place with the pair's slow rise, as the pair is trading above the support levels 19.30 and 19.20, respectively.
On the other hand, the price is settling below the psychological resistance levels at 19.50 and 20.00 levels, respectively. The price is moving above the moving averages 50, 100, and 200 on the daily timeframe, as well as on the 4-hour and 60-minute timeframes, in a sign of the strong bullish general trend. Because of the divergence in monetary policy and the economic position of Turkey, and 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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