Today's recommendation on the lira against the dollar
- Risk 0.50%.
None of yesterday's buy or sell recommendations were activated
Best entry points buy
- Entering a long position with a pending order from levels of 13.65
- Place your stop-loss point below the 13.33 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 14.29.
Best selling entry points
- Entering a short position with a pending order from 14.05 levels.
- The best points to place the stop loss are above 14.39 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 13.70
The lira witnessed some slight declines during the morning trading today, Tuesday, as it swallowed up some of the gains recorded by the lira against the dollar during yesterday's trading. Investors followed the situation in Ukraine, where most interests were focused on this framework. On Monday, the Turkish government announced that it would not allow military ships to pass through the Dardanelles and the Bosphorus, in accordance with the Montreux Convention. Anadolu Agency also quoted Foreign Minister Mevlüt Çavuşoğlu as saying, "We have implemented what Montreux says and will do so from now on. There has been no request for passage through the strait until today." Tensions in Ukraine led to an increase in the demand for safe havens such as gold. The demand for the US dollar also increased, as it rose against most of the currencies of emerging economies.
The Turkish lira declined during the early trading, after closing the price gap (GAP) that the market opened yesterday. The chart of the Turkish lira pair against the dollar shows that the price traded at the highest levels of support, which are based at the levels of 13.70, 13.66 and 13.42. On the other hand, the pair is trading below the resistance levels that are concentrated at 13.93, 14.10 and 14.34 (50 Fibonacci levels for the downside wave that started on 12-20-2021 and until 23-12-2021), respectively. The lira also rose before touching the lower boundary of the ascending channel on the four-hour time frame, shown on the provided graph. We expect the lira to decline after reaching the lower boundary of the channel, as it targets the resistance levels on the other side. Please adhere to the numbers in the recommendation with the need to maintain capital management.
