USD/TRY Forex Signal: Declining After Negative Data

Today's USD/TRY signal

Risk 0.50%.

Activated the buy order from the recommendation yesterday, and the deal was closed on the spot, with the stop-loss moved to enter and half the contracts were closed.

Best buy entry points

  • Entering a long position with a pending order from 13.30 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

  • Entering 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 the early trading day to lose some of yesterday's gains, as investors followed reports on the volume of Turkish exports over the past year. Turkish exports rose by almost 33 percent to record levels of $225.29 billion. This is according to the country's statistics office. While imports rose by almost 23 percent to record 271.42 billion dollars. In other data, which is expected to contribute to raising the price of inflation, the country's main gas supplier announced that the prices of natural gas used to produce electricity were raised by 14.1 percent as of this month. Gas prices for industrial use and gas prices for consumers remained unchanged. In recent data, revenues in the tourism sector declined during the last quarter of 2021 to record 7.63 billion pounds, compared to 11.4 billion in the third quarter of the same year.

The price of the Turkish lira declined against the dollar during today's early trading, after the lira rebounded from the support levels located at 13.30, 13.19 and 13.08, respectively. On the other hand, the lira is trading below the resistance levels that are concentrated at 13.65, which we mentioned in yesterday's report. The lira is still trading in a limited range, as it broke its up and down volatility around the moving averages 50, 100 and 200, as it started falling below those averages on the four-hour time frame. We expect the price of the lira to decline after it returned to test the broken trend line on the 4 hour time frame and position on the chart. Please adhere to the numbers in the recommendation with the need to maintain capital management.

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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