USD/TRY Forex Signal: Gas and Electricity Prices Rise

Akram Adel

We expect the lira to continue to decline, especially if the pair closed above the 16.40 resistance levels. 

Today's recommendation on the lira against the dollar

Risk 0.50%.

None of the buy or sell trades of yesterday's recommendations were activated

Best selling entry points

  • Entering a short position with a pending order from 17.11 levels
  • Set a stop-loss point to close the lowest support levels 17.26.
  • 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 55 pips and leave the rest of the contracts until the strong resistance levels at 16.40.

Best entry points buy

  • Entering a long position with a pending order from 16.33 levels
  • The best points for setting the stop loss are closing the highest levels of 16.22.
  • 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 55 pips and leave the rest of the contracts until the support levels 16.60

The Turkish lira recorded slight changes during early trading this morning, meanwhile, the state-owned Turkish Petroleum Pipelines Company (Botas), crude oil and natural gas pipelines and trade, on Wednesday, announced an increase in natural gas prices by 10 percent to 40 percent for industrial production, while the price of homes will be raised by 30%. The increase in the price of natural gas used in industry will be 10% for those who use more than 300,000 cubic meters and 40% for those who consume more than that amount. At the same time, Turkey's Energy Market Regulatory Authority (EMRA) raised electricity prices by 15% to 25%, according to the statement published in the Official Gazette. Global changes in oil and gas prices significantly affect the Turkish economy, as it is almost completely dependent on foreign energy imports. This raised inflation levels to record levels that contributed to pressure on the Turkish lira

On the technical front, without major changes from yesterday, the Turkish lira stabilized against the dollar, which recorded slight movements during today's trading. The lira traded around the main resistance levels at 16.40. The pair also maintained its trading above the top of the bullish trend shown on the chart, at the same time, the pair continued trading above 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 trading above the support levels that are concentrated at 16.00 and 15.85 levels, respectively. On the other hand, the lira is trading below the resistance levels at 16.39 and 17.11. We expect the lira to continue to decline, especially if the pair closed above the 16.40 resistance levels. Each pullback on the pair represents an opportunity to buy back. 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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