Today's recommendation on the TRY/USD
Risk 0.50%.
Best buying entry points
- Entering a buy deal with a pending order from the 27.75 level.
- Place a stop loss closing point below the 27.55 level.
- Move the stop loss to the entry area and follow the profit as the price moves 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 28.00.
Best-selling entry points
- Entering a sell deal with a pending order from the 25.28 level.
- The best points to place a stop loss are closing the highest level of 28.39.
- Move the stop loss to the entry area and follow the profit as the price moves 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 of 27.90.
The price of the lira varied against the US dollar during early trading on Tuesday morning, as the Turkish currency stabilized near its lowest level ever against the US dollar. Currently, the interest rate decision is expected to be announced by the Central Bank of Turkey during tomorrow, Thursday. In this regard, Morgan Stanley issued its expectations regarding interest rates in Turkey, where the bank’s analysts said that it is expected that interest rates will be raised by 5 percent, bringing the main interest rate in Turkey to 35 percent, as part of the central bank’s plans to tighten monetary policy to control interest rates.
In this context, investors followed the statements of the Turkish Finance Minister, Mehmet Simsek, yesterday, Monday, in which he said that his country’s priority is to combat inflation through monetary and financial policy, in addition to supporting those policies with comprehensive structural measures and reforms. The Minister of Finance also added that the government aims to reduce the Turkish budget deficit to rates lower than European standards of 3 percent. The Minister of Finance also concluded his statements by expressing a shift in the interest of foreign investors in returning to Turkey, with the Turkish Minister expecting to provide more job opportunities in addition to improving the volume of foreign currency reserves in the country.
TRY/USD Technical Analysis
On the technical level, no major changes, the dollar pair against the Turkish lira stabilized near its highest level ever during early trading this morning. The pair is trading around 28.07 levels, after breaching the correct figure of 28.00 during last week’s trading. The pair maintained its movements within an ascending price channel on the 240-minute time frame shown in the chart.
Currently, if the pair goes up, it targets the resistance levels concentrated at 28.25 and 28.50, respectively, while if the pair declines, it targets the support levels concentrated at 27.75 and 27.50, respectively. The price is moving above the 50 and 200 moving averages on the daily time frame, as well as on the four-hour time frame, indicating the control of buyers and the general upward trend recorded by the pair. The pair is expected to record gains as long as it settles within the ascending price channel range. Please adhere to the numbers in the recommendation, while maintaining capital management.
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