Today's recommendation on the TRY/USD
Risk 0.50%.
Best buying entry points
- Entering a buy deal with a pending order from the 29.20 level.
- Place a stop loss closing point below the 28.00 support 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 29.55.
Best-selling entry points
- Entering a sell deal with a pending order from the 29.50 level.
- The best points to place a stop loss are closing the highest level of 29.65.
- 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 29.20
The USD/TRY rose during early trading on Wednesday, as the pair reached its highest level ever to continue recording its successive losses against the dollar. Despite the lira's current losses, comments continue to include positive expectations for the future of the Turkish economy.
The latest statements were issued by Turkish Vice President Cevdet Yilmaz, who expected the size of Turkey's economy to exceed $1 trillion during 2023, as economic growth increased by 4.7 percent during the first three-quarters of the current year compared to the same period of the previous year.
This comes with an increase in the volume of exports by about seven times compared to last year, as expectations indicate that the volume of exports will reach 255 billion. While Yilmaz expected inflation to decline significantly during 2024 in light of the measures followed by the new economic team. At the same time, investors followed other optimistic statements from the director of the Turkish Isbank Bank, Hakan Eren, who expected inflation in the country to decline starting in the middle of the year. next year, reaching a percentage ranging from 42 percent to 36 percent by the end of the year. The Turkish banker also believes that current interest rates are good for attracting Turkish investments.
The expectations of the price of the Turkish lira in the near term appear pessimistic, as revealed by some reports issued by foreign banks during the previous period, as the pressures of the unconventional monetary policy pursued by the Turkish government in the period preceding the Turkish elections continue to hurt the future of the Turkish currency.
USD/TRY Technical Analysis
The pair continued to rise during early trading this morning, as the price recorded its highest levels ever at 29.38. As the price continues to move within a large price channel in today’s time frame, it reflects the strong general upward trend that the pair has been following over several months. This is confirmed by the bullish crossover of the 50 and 200 moving averages, respectively, on the daily time frame, as well as on the four-hour time frame, in a reflection of buyers’ control over the price.
If the dollar continues against the lira, the pair will target the resistance levels, which are concentrated at the levels of 29.50 and 29.75, respectively, while on the other hand, if the pair declines, it will target the levels of 29.25 and 29.05, respectively.
The daily forecast for the price of the Turkish lira indicates that the pair will continue to rise, especially after breaking the peak recorded during the current week. Please adhere to the mentioned recommendation points and maintain capital management.
Ready to trade our daily Forex forecast? Here’s a list of some of the best regulated forex brokers to check out.