Today's recommendation on the TRY/USD
The risk is 0.50%.
Best buying entry points
- Entering a buy order pending order from the 26.50 levels
- Place a stop loss point to close below the 26.25 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 27.50.
Best-selling entry points
- Entering a sell order pending order from the 27.50 levels.
- The best points to place a stop loss close to the highest level of 27.65.
- 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 support level at 26.50.
The USD/TRY stabilized, trading near new all-time highs. Investors followed the statements of Turkish President Recep Tayyip Erdogan, in which he enumerated the achievement of his government, as promised, and the tasks he focused on during the coming period. Where the Turkish president said that his country has witnessed the volume of exports reach 254 billion dollars, in conjunction with raising the level of employment to 32 million people, while the gross domestic product reached about one trillion dollars.
He also pledged to reduce inflation rates to single digits, stressing that he had found solutions to inflation while continuing efforts to reduce it further, that the problems facing the Turkish economy are temporary, and that the government seeks to strengthen the lira and increase purchasing power. The Turkish Central Bank and the Ministry of Finance had announced a series of measures over the past two months aimed at controlling inflation and shifting to a tightening monetary policy while working to reduce the current account.
The most prominent of these measures is raising the interest rate over two consecutive meetings, working to withdraw cash from commercial banks, reducing the limit for lending by credit cards, raising taxes and fees on some services, and finally rationing the country’s imports of gold. Despite the succession of these measures, pessimistic expectations of inflation rates continued to increase, according to the expectations of the Central Bank of Turkey, while some banks reduced their expectations for the price of the lira during the coming period.
TRY/USD Technical Analysis
On the technical level, without significant changes, the dollar pair settled against the Turkish lira near its highest levels recorded during the past week, around levels of 27.24 pounds per dollar, the pair returned to trading within a limited range around the 27 pounds per dollar level, the pair is currently trading within a range Limited trading within a general bullish trend.
Currently, if the pair is rising, it targets the resistance levels that are concentrated at 27.50 and 28.00, respectively, but if the pair declines, it targets the support levels that are concentrated at 26.50 and 26.00, respectively. The price is moving above the moving averages 50, 100, and 200 on the daily time frame, as well as on the four-hour time frame, while the pair is trading between these moving averages on the 60-minute time frame in a sign of divergence in the short term. The Turkish currency is expected to record some decline. Please adhere to the figures in the recommendation, while maintaining capital management.
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