USD/TRY Forex Signal: Trading Within Narrow Range

Akram Adel

Today's recommendation on the lira against the dollar

- Risk 0.50%.

- None of the buying or selling transactions of yesterday were activated.

Best selling entry points

Entering a sell position with a pending order from 17.41 levels

- Set a stop-loss point to close the lowest support levels 17.65.

- 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 buy position with a pending order from 17.00 مستويات levels

- The best points for setting the stop loss are closing the highest levels of 16.88.

- 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 17.40

The Turkish lira stabilized at the same limits for the second week in a row. Investors followed the announcement of the official agency in Turkey that the government submitted a proposal to Parliament to approve a supplementary budget approaching $58 billion. By approving this budget, the government aims to control high inflation and support energy prices. Expectations indicate that the subsidy of energy imports, which is primarily responsible for the rise in inflation, will reach about 300 billion Turkish liras. The local currency was subjected to unprecedented pressure due to the war in Ukraine, which directly affected the revenues of the Turkish economy from tourism, in addition to the rise in energy costs, as Turkey imports most of its energy needs. In this context, the Turkish president stated, "Significant price hikes occurred in general as a result of economic and geopolitical developments around the world and in our country, and therefore there was a need to increase budget payments."

On the technical level, the Turkish currency has been stable. The pair traded the US dollar against the lira within a narrow range, which is shown on the chart. The pair maintained its trading in a general bullish trend between levels of 17.19 and 17.33 pounds, with the pair trading the highest support levels, which are concentrated at 17.00 and 16.80 levels, respectively. The pair also continued trading above the 50, 100 and 200 moving averages, respectively, on the four-hour time frame, while the price traded between the same averages on the 60-minute time frame, indicating a divergence in the short term. At the same time, the lira is trading below the resistance levels at 17.40 and 17.80, respectively. The level of 17.41 represents a strong resistance level.

We expect the lira's decline to continue, as every decline on the pair represents an opportunity to repurchase, especially if it crosses the mentioned resistance levels. Please adhere to the numbers in the recommendation with the need to maintain capital management.

USDTRY

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.

Did you like what you read? Let us know what you think!

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

0 User comments

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

Read more
Add new comment
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.