Today's recommendation on the TRY/USD
Risk 0.50%.
Best buying entry points
- Entering a buy deal with a pending order from the 28.15 level.
- Place a stop loss closing point below the 28.00 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 28.50.
Best-selling entry points
- Entering a sell deal with a pending order from the 45.28 level.
- The best points to place a stop loss are closing the highest level of 28.55.
- 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 28.20.
The price of the Turkish Lira stabilized against the US dollar during early trading on Wednesday morning, as the pair traded near its highest level ever, which it recorded during yesterday’s trading. Several reports indicate that the Turkish lira has already reached its lowest expected levels, or has almost already reached its lowest levels, amid expectations that the Turkish government will intervene to support the lira amid its desire to control inflation. The lira had lost about 3 percent of its value since the beginning of last month
In other news, stock markets in Turkey declined last month, in a deep correction wave, as the Istanbul Stock Exchange 100 index fell by about 7.5%, the largest decline in about seven months. Experts attributed the current decline wave to the geopolitical tensions taking place in the region, with a gradual shift. In Turkish rhetoric, there is a strong support for the Gaza Strip. Interest rates, which recorded significant jumps, also led some investors to take advantage of these increases, out of a desire to protect their gains recorded over the past months. The latest decision of the Turkish Central Bank was to raise the interest rate by about 500 basis points last Thursday, bringing the interest rate to 35 percent.
In terms of data, a report issued by the Turkish Statistics Authority revealed that Turkey’s tourism revenues increased by 31.1% during the third quarter of this year compared to the same period of the previous year. Tourism revenues recorded about $20 billion.
USD/TRY Technical Analysis
On the technical level, the dollar pair against the Turkish lira stabilized during European trading this morning near its highest level ever. The pair approached the levels of 28.50 liras per dollar, as 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 28.75 and 29.00, respectively, while if the pair declines, it targets the support levels concentrated at 28.10 and 27.90, 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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