Today's recommendation on the TRY/USD
Risk 0.50%.
Best buying entry points
- Entering a buy deal with a pending order from the 28.75 level.
- Place a stop loss closing point below the support level at 28.60.
- 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 29.10.
Best-selling entry points
- Entering a sell deal with a pending order from the 29.00 level.
- The best points to place a stop loss are closing the highest level of 29.15.
- 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 28.75.
Trading in the Turkish Lira stabilized against the dollar during early trading on Thursday morning, recording slight changes with the pair trading around levels of 29 Liras per dollar. Investors closely followed the meeting of the Governor of the Central Bank of Turkey with the management of the Turkish Banks Association, during which the bank’s plans were evaluated, which aims to reduce Turkish lira deposits protected from foreign exchange rate fluctuations, as well as plans to support investment and increase exports in the country. In this regard, Arkan stated that the shift to Turkish lira deposits continues in line with the goals previously set by the Central Bank.
Meanwhile, statements were made by Turkish President Recep Tayyip Erdogan, who said that Turkey's economy recorded growth during the first three quarters of this year amounting to about 4.6%. He also stressed that economic growth includes adhering to the Turkish government's goal of quality and sustainable growth. The Turkish President also said that there are observations about replacing the irrational pricing behaviors that prevailed earlier with rational pricing behavior. Erdogan also expected the decline in inflation to accelerate starting from the second half of next year.
TRY/USD Technical Analysis
On the technical level, dollar trading stabilized against the Turkish lira without recording any major changes, as the price moved near its highest levels ever, which it had previously recorded earlier this week at 29.02. The pair maintained its trading within the ascending price channel on the 240-minute time frame shown in the chart. While the pair's rise is observed to slow down as the pair enters a less severe trading wave in a smaller price channel shown in the chart, the upper border of which the pair was unable to break.
If the pair declines, it will target the support levels concentrated at 28.71 and 28.65, respectively. On the other hand, if the price rises, it will target the resistance levels, which are concentrated at 29.00 and 29.10, respectively. At the same time, the price is trading 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 within the general upward trend that the pair is recording in the long term. The change in monetary policy may prepare the pair to record an upward wave, but at a slower pace. Please adhere to the numbers in the recommendation, with the need to maintain capital management.
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