USD/TRY Forex Signal: Lira Stabilizes Against USD

Today's recommendation on the lira against the dollar

Risk 0.50%.

None of yesterday's buy or sell transactions were activated

Best selling entry points

  • Entering a short position with a pending order from levels of 18.33
  • Set a stop-loss point to close the lowest support levels at 18.55.
  • 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 17.70.

Best entry points buy

  • Entering a buy position with a pending order from levels of 17.85
  • The best points for setting stop-loss are closing the highest levels of 17.54.
  • 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 18.31

The price of the Turkish lira stabilized against the US dollar during the early trading today, Tuesday, as the Turkish lira completed its trading in the narrow range in which it has been trading since the beginning of this month, near its lowest levels during 2022. The lira is not expected to witness any improvement, especially in light of unstable global economic conditions. As the US jobs data contributed to raising expectations of monetary tightening in the United States, which means the strength of the dollar, while on the other hand, the Treasury and the Central Bank of Turkey are trying to take advantage of all available solutions to maintain the stability of the lira, which suffers from a monetary policy A stimulus that the Turkish Central Bank maintains in light of inflation figures that the country has not witnessed for a quarter of a century.

Technical Analysis

On the technical front, the US dollar pair settled against the Turkish lira near its highest levels this year. As the pair’s movement continued in a narrow trading range with the same trading picture that the USD/TRY currency pair has been following since the beginning of this month, as shown through the graph.. The pair is trading above the 50, 100 and 200 moving averages, respectively, on the four-hour time frame as well as on the 60-minute time frame. On the upside in the long term. At the same time, the pair is trading the highest levels of support, which are concentrated at 17.90 and 17.85 levels, respectively. While the lira is trading below the resistance levels at 18.00 and 18.07, respectively. We expect to re-record new highs, especially with every dip in the pair, which represents a buying opportunity. Please adhere to the numbers in the recommendation with the need to maintain capital management.

USD/TRY

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Amir Issa
Economic editor , more than 12 years experience in the global financial markets and in the field of currency and metals trading. I supervised on many sites related to investment, finance and training in the field of forex and global exchanges.

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