USD/TRY Forex Signal: Trading in Narrow Range

Akram Adel

We expect the price to decline from the current levels before rising again.

Today's recommendation on the lira against the dollar

Risk 0.50%.

The buy trade of the day's recommendation has been activated and is still trading

Best selling entry points

  • Entering a short position with a pending order from levels 17.45
  • 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 long position with a pending order from 16.63 levels
  • The best points for setting the stop loss are closing the highest levels of 16.28.
  • 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 16.99

The Turkish lira's movements have stabilized after strong movements since the end of last week, as government decisions were issued aimed at preventing lending to Turkish companies that have a certain amount of cash, which is equivalent to 15 million liras. As these decisions contributed to raising the price of the lira against the dollar by about 5 percent over several days, before the lira began to lose its gains after reports from Western banks showing the extent of the damage that could befall the Turkish economy as a result of these decisions, especially with the damage that will occur. Meanwhile, a report published by Reuters today showed that the head of the country's insurance group discussed the issuance of inflation-linked bonds with the Turkish Treasury. The country is facing the largest rate of inflation recorded in nearly a quarter of a century, especially with the rise in energy imports.

On the technical front, the Turkish lira stabilized against the US dollar, as the pair returned to trading in a narrow range. At the same time, the pair settled above the support levels that are concentrated at 16.48 and 16.25 levels, respectively. At the same time, the lira is trading below the resistance levels at 16.77 and 17.10, respectively. The pair also traded between the 50, 100 and 200 moving averages, respectively, on the four-hour time frame as well as on the 60-minute time frame, indicating a short-term divergence. While the pair continues trading above the moving average 50 on the time frame of the day. At the same time, the pair is trading at strong resistance levels represented by 50 Fibonacci levels on the descending wave that started from 06-24-2022 until the top recorded on 06-27-2022. We expect the price to decline from the current levels before rising again from the levels specified in the recommendation. 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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