USD/TRY Forex Signal: Lira Declines with USD Rise

Akram Adel

We expect the lira price to vary if it stabilizes between the rising trend line and the shown resistance levels.

Today's recommendation on the USD/TRY

- Risk 0.50%.

None of the buy or sell orders were activated for yesterday's recommendations.

Best buy entry points

  • Enter a long position with a pending order from 13.36 levels.
  • Place your stop-loss point below the 13.06 support levels.
  • Move the stop loss to the entry area and continue to profit as the price moves by 50 pips.

Close half of the contracts with a profit equal to 75 pips and leave the rest of the contracts until the strong resistance levels at 13.79.

Best selling entry points

  • Enter a short position with a pending order from 13.75 levels.
  • The best points to place the stop loss above 13.99 levels.
  • Move the stop loss to the entry area and continue to profit as the price moves by 50 pips.
  • Close half of the contracts with a profit equal to 75 pips and leave the rest of the contracts until the support levels 13.28

The Turkish lira declined during early trading on Thursday to complete the decline yesterday, as investors followed a report from the Federal Reserve. The report fixed the interest rate unchanged at 0.25% levels, amid statements from the Federal Reserve Chairman to tighten financial policy.

This is after the end of the asset purchase program during the same month. Jerome Powell's comments pushed the dollar to rise against the major currencies and the currencies of emerging economies to a five-week high, with the Turkish lira falling against the dollar near its lowest level in a week.

The price of the Turkish lira fell against the dollar during today's early trading, as the lira broke the 13.57 resistance levels that we mentioned in yesterday's reading. The lira rebounded below the resistance levels that are concentrated at 13.61 and 13.67 levels.  In the meantime, the lira is trading above a bullish trend line on the four-hour time frame, shown on the graph. We expect the lira price to vary if it stabilizes between the rising trend line and the shown resistance levels. The lira is still trading within the narrow trading range that it has settled inside since the beginning of this month. Please adhere to the numbers in the recommendation with the need to maintain risk management.

USD/TRY

Akram Adel
Akram has experience working in the Forex industry since 2008. He works as a trainer and lecturer for technical analysis, trading strategies, and foundations of risk and capital management. In addition, he has experience with topics in the financial markets on many well-known sites that specialize in this field. Akram currently writes for a number of sites by providing accurate and professional articles and daily reports.

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