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Today's recommendation on the TRY/USD
Risk 0.50%.
Best buying entry points
- Entering a buy deal with a pending order from the 19.30 level.
- Place a close stop loss point below the 18.99 level.
- Move the stop loss to the entry area and follow the profit with the price moving by 50 points.
- Close half of the contracts with a profit equal to 70 points and leave the rest of the contracts until the strong resistance level at 19.50.
The best-selling entry points
- Entering a sell deal with a pending order from the 19.50 level.
- The best points for placing a stop loss close at the 19.65 level.
- Move the stop loss to the entry area and follow the profit with the price moving by 50 points.
- Close half of the contracts with a profit equal to 70 points and leave the rest of the contracts until the support level at 19.05.
The TRY/USD stabilized during early Wednesday trading, where it traded near its lowest levels ever against the US dollar, which the pair recorded yesterday. It is expected that the Turkish Central Bank will work to support the price of the lira during the few remaining periods before the expected elections in less than two weeks from now. Despite the decline in the monetary reserve at the Central Bank, the measures issued by the Turkish Bank over the course of the past month contributed to a relative stabilization of the price of the lira.
Meanwhile, the investors followed the statements of Turkish President Recep Tayyip Erdogan that his country is working hard to become independent in the field of energy as he stressed that the production capacity of the newly discovered fields is estimated at 100 thousand barrels per day. The Turkish president insisted that his country aims to become an energy-exporting country, not a country dependent on others for energy. It is mentioned that the decrease in energy was the main reason behind the rise in inflation in Turkey, especially after the Russian-Ukrainian war. On the data level, the latest data released by the Turkish Statistical Institute revealed today that the country's annual inflation rate decreased to 43.68% during the month of April. where the number declined compared to the March reading which was at 50.51%.
TRY/USD Technical Analysis
On the technical level, the USD/TRY settled near the highest record levels it recorded yesterday, where the pair rebounded from levels of 19.50 lira per dollar. The US currency held on to its gains against the pound, which is retreating at a slow pace. At the moment, the pair has settled within the range of an ascending price channel in the four-hour time frame, and the pair is trading above the 19.40 and 19.34 support levels, respectively. On the other side, the price settles below the 19.50 resistance level and the levels of the right number 20.00 respectively. The price is moving above the 50, 100, and 200 moving averages on the daily time frame, as well as on the four-hour time frame and the 60-minute time frame, indicating a strong general upward trend. Due to the difference in monetary policy and the economy.
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