Today's recommendation on the TRY/USD
Risk 0.50%.
Best buying entry points
- Entering a buy deal with a pending order from the 28.35 level.
- Place a stop loss closing point below the 28.20 levels
- 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 28.70.
Best-selling entry points
- Entering a sell deal with a pending order from the 75.28 level.
- The best points to place a stop loss are closing the highest level of 28.85.
- 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 28.40.
The price of the Turkish Lira stabilized against the US dollar near its lowest level ever during early trading on Wednesday morning. Investors followed reports about Turkey's return to the international bond market for the first time since last April. Bloomberg reported on a Turkish plan to offer government bonds worth about $500 million due for a maturity of five years, with a return approaching 9 percent. According to the report, the Turkish government aims to exploit these amounts in reconstruction efforts in the areas affected by the earthquake that struck the south of the country last February.
In terms of data, official reports revealed that Turkey's exports during the month of October recorded a record high, approaching $23 billion, which represents the highest volume of exports recorded during the month of October. The report also revealed that Turkey's exports increased during the first ten months of this year by 0.7%, reaching $254.8 billion, so that Turkish exports during ten months in 2023 will exceed the country's total exports during the entire last year. The report attributed this increase in the volume of exports to the decline of the Turkish lira, which makes the export process more attractive. It is noteworthy that the Turkish currency has lost about 40 percent of its value during the current year, despite monetary tightening, raising interest rates, and the shift in monetary policy that the country has been witnessing for several months.
USD/TRY Technical Analysis
On the technical level, the dollar pair against the Turkish lira stabilized during trading this morning, near its new highest level ever at levels of 28.60 liras per dollar, while the pair maintained its movements within an ascending price channel on today’s 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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