USD/TRY Forex Signal: Stability and Narrow Trading

Akram Adel

Today's recommendation on the lira against the dollar

Risk 0.50%.

Your sale deal was made last Thursday and it is still in circulation

Best entry points buy

  • Entering a long position with a pending order from 14.62 . levels
  • Set a stop loss point to close the lowest support levels 14.46.
  • 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 14.85.

Best selling entry points

  • Entering a short position with a pending order from 14.99 . levels
  • The best points for setting the stop loss are closing the highest levels of 14.98.
  • 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 14.40

The Turkish lira continued its stability within a narrow trading range. The Turkish government seeks to increase its import of foreign exchange. Last week, Turkish President Recep Tayyip Erdogan visited the Kingdom of Saudi Arabia to attract more investments. It is the second visit of the Turkish President to a Gulf country with which the relationship was marked by political tensions after a previous visit to the United Arab Emirates. In the meantime, he revealed reports that a plan was prepared by the Turkish Central Bank aimed at attracting inflows of hard currency by providing loans in lira without collecting interest on them for each foreign investor who deposits dollars in Turkish banks for a period of two years, provided that he receives in return an estimated return of about 4 percent. It is a plan that reveals the increased demand for the dollar.

On the technical front, the Turkish lira fell against the dollar, as it continued to decline slightly during today's trading. The lira is trading the highest demand areas shown on the chart. The pair also rose around the moving averages 50, 100 and 200, respectively, on the four-hour time frame as well as on the 60-minute time frame. At the same time, the pair is based on the ascending trend line shown on the chart. There is continued trading within a limited trading range. The pair is trading above the resistance line at 14.76 on the 240-minute time frame, shown on the provided chart. The pair is trading the highest levels of support, which are concentrated at 14.75 and 14.64 levels, respectively. On the other hand, the lira is trading below the resistance levels at 14.89 and 14.99, respectively. Please adhere to the numbers in the recommendation with the need to maintain capital 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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