USD/TRY Forex Signal: USD Sets New Records Against the TRY

On the technical front, the Turkish lira continued to decline against the dollar, to record a new high that surpassed yesterday's peak, as the pair recorded record levels at 18.58. 

Today's recommendation on the USD/TRY

Risk 0.50%.

Best buying entry points

  • Entering a buy position with a pending order from levels of 18.39
  • Set a stop-loss point to close below the 18.25 support levels.
  • 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 of 70 pips and leave the rest of the contracts until the strong resistance levels at 18.99.

Best selling entry points

  • Entering a short position with a pending order from levels of 18.99
  • The best points for setting stop-loss are closing the highest levels of 19.15.
  • 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 70 pips and leave the rest of the contracts until the 18.55 support levels.

The Turkish lira maintained its decline against the US dollar, as the Turkish currency lost daily against the dollar. The lira recorded its lowest level yesterday, after recording 18.58 against the dollar. Observers expect that the status quo will not change amid the continuing divergence of monetary policy between the Turkish Central Bank, which follows a stimulus fiscal policy, and the Federal Reserve, which tightens this policy by raising the interest rate.

Meanwhile, other news followed, the most prominent of which was the release of a report from the European Bank for Reconstruction and Development. which revised its forecast for the growth of the Turkish economy this year from 2 percent to 4.5 percent on the back of high domestic demand and a slight recovery in exports and next year. In other news, there were reports that Turkish banks could exit the Russian money transfer system (MIR), which Russia is adopting after being banned from the international money transfer system SWIFT.

USD/TRY Technical Analysis

On the technical front, the Turkish lira continued to decline against the dollar, to record a new high that surpassed yesterday's peak, as the pair recorded record levels at 18.58. The pair is trading above the 50, 100 and 200 moving averages on the daily time frame, as well as on the four-time frame, where the pair maintained a strong bullish trend.

The pair is also trading the highest levels of support, which are concentrated at levels of 18.40 and 18.30, respectively. On the other hand, the lira is trading below the resistance levels at 18.99. Any drop for the pair represents an opportunity to buy back again with the aim of reaching the previous high recorded during the past year. Please adhere to the numbers in the recommendation with the need to maintain capital management.

USD/TRYReady to trade our free Forex signals? We’ve shortlisted the best Forex trading brokers in the industry for you.

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.

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.