Today's recommendation on the USD/TRY
- Risk 0.50%.
- The buy trade of the recommendation was activated yesterday, and half of the contracts were closed and the stop loss point was moved as the price moved towards the target
Best selling entry points
- Entering a short position with a pending order from the 18.33 level.
- 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 17.70 strong resistance levels.
Best buying entry points
- Entering a long position with a pending order from the 18.10 levels.
- The best points for setting stop-loss are closing the highest levels of 17.94.
- 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 18.31 support levels.
The Turkish lira stabilized without major changes during the early trading Monday session. Investors followed a report issued by the Central Bank of Turkey, which showed the bank's dollar proceeds rising to a record level. The bank's report attributed that increase to the dependence of gas import companies for the local market to obtain their need of dollars instead of resorting to the Central Bank. The bank had spent about 18 billion dollars during the first half of this year in its efforts to provide foreign exchange for gas importing companies.
The Turkish Central Bank also benefited from the dollars that the country's gas company, known as BOTAS, transferred to it, which contributed to enhancing the size of the dollar reserves at the bank. According to the report, the bank's balance rose until August 19 by about $7 billion, an increase of about $2.5 billion compared to the balance on June 3 last. As of the 19th of last month, the country's total foreign exchange reserves recorded 71.5 billion dollars.
USD/TRY Technical Analysis
On the technical front, unchanged, the USD/TRY traded at its highest levels during the current year, within a narrow trading range, which is shown on the chart. It traded the highest levels of support, which are concentrated at levels of 18.08 and 17.98, respectively. While the pair is trading below the resistance levels at 18.20 and 18.33, which are the highest levels of the pair recorded at the end of last year, respectively. The pair is also 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, indicating the long-term bullish trend. The chance of the lira rising against the dollar is still slim as the pair is heading in an overall bullish trend. As each decline of the pair represents a good buying opportunity, please adhere to the numbers in the recommendation with the need to maintain capital management.
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