Signals for the Lira Against the Dollar Today
- Risk 0.50%.
Best Buying Points:
- Open a buy order at 31.10.
- Set a stop loss at 30.95.
- Move the stop loss to the entry point and follow the profit with a price movement of 50 points.
- Close half the contracts at a profit of 70 points and leave the rest until the strong resistance levels at 31.50.
Best Selling Points:
- Place a sell order at 31.50.
- Set a stop loss at 31.65.
- Move the stop loss to the entry point and follow the profit with a price movement of 50 points.
- Close half the contracts at a profit of 70 points and leave the rest until the support levels at 31.30.
The USD/TRY pair stabilized during early trading on Thursday, trading around yesterday's record highs. Closely, investors monitored the early morning data release, as the country's statistical authority announced a 4.5% increase in Gross Domestic Product (GDP) last year. Recently, Turkish GDP in the fourth quarter of last year rose by 4% annually compared to expectations of 3.5%, while GDP in the same quarter of 2022 recorded 5.9%.
In other data, official reports revealed a 3.5% increase in Turkish exports in January to $19.99 billion compared to the same month last year, while imports decreased by 22% to $26.22 billion. The trade deficit also decreased by 56.4% compared to January 2023.
Despite the generally positive Turkish economic data that has been continuing for the past few months, the Turkish lira is still suffering from continuous declines. Also, it does not show any positive response to the improvement in the economic situation in the country.
In this regard, the Turkish President commented on the economic situation of his country, saying that we will see the economic problems subside by the end of 2024. Also, he expected the economy to recover further in early 2025. Ultimately, he promised to solve his country's current economic problems, just as he developed his country more than three times since he took power more than 20 years ago.
TRYUSD technical Analysis and Expectations Today:
During early trading this morning, TRYUSD stabilized high near its all-time highs at 31.37 lira recorded yesterday. Therefore, the general upward trend continues the pair, which is recording new highs in succession.
Currently, the pair is trading within an ascending price channel on the four-hour timeframe, as illustrated by the chart. Also, the price is moving above the positively intersecting 50 and 200 moving averages on most timeframes, from the four-hour to the weekly timeframe, indicating buyer dominance.
In the event of further upward movement, the pair targets levels of 31.50 and 31.75, respectively. Conversely, if the price declines, it targets levels of 31.00 and 30.90, respectively. Moreover, the forecasts for the Turkish lira suggest continued upward movement, targeting 31.50 lira. Therefore, each dip represents an opportunity to reinforce buying contracts. Finally, we recommend adhering to the mentioned recommendations and maintaining capital management.
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