Today's recommendation on the TRY/USD
The risk is 0.50%.
Best buying entry points
- Entering a buy order pending order from the 23.00 level.
- Place a stop loss point to close below 22.80 levels.
- 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 23.50.
Best-selling entry points
- Entering a sell order pending order from the 24.00 level.
- The best points for placing a stop loss close to the highest level of 24.15.
- 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 support levels 23.50
The Turkish lira traded stable against the US dollar for the second day in a row, after a series of declines that lasted for more than a month amid a wave of lack of optimism about the continuation of the rule of the current Turkish President Recep Tayyip Erdogan after he succeeded in the last presidential elections. The unconventional financial policy pursued by the Turkish president was the cause of the strong decline of the lira in conjunction with the issuance of a number of international reports that included pessimistic expectations for the future of the Turkish lira in light of Erdogan's financial and monetary policy, as some of those reports indicated that the dollar would record levels of 29 lira by the end of the year.
However, the situation witnessed some relative stability with Erdogan appointing an economic team from the traditional economic school, headed by Finance Minister Muhammad Simsik and Hafiza Ghaya Arkan, as governor of the Central Bank of Turkey, so things turned into a relatively stable situation after a number of statements made by the new Finance Minister that It entailed a shift to another monetary policy that includes raising interest rates and following a rational path. It is noteworthy that the latest reports have stated that interest rates may be raised during the meeting of the Monetary Policy Committee at the Central Bank of Turkey on the 22nd of this month.
TRY/USD Technical Analysis
On the technical front, the USD/TRY maintained its stability after a wave of ascending within the trading of the general bullish trend in which the pair is trading strongly, in which the pair recorded new record highs on a daily basis. The pound's price stabilized during early trading this morning, as the pair reached 23.67 levels. At the same time, the pair is trading above the support levels that are concentrated at 23.50 and 23.00, respectively. The price also settles below the resistance levels that are concentrated at 24.00 and 24.50. 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.
Until the announcement of the expected changes in monetary policy, caution may be the master of the situation, with the pair's gains momentum declining, as it is expected to record stability until the next central bank meeting. Please adhere to the figures in the recommendation, while maintaining capital management.
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