Today's recommendation on the TRY/USD
Risk 0.50%.
Best buying entry points
- Entering a long position with a pending order from levels of 18.50
- Set a stop-loss point to close below the 18.35 support leves.
- 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 18.99 resistance level.
Best selling entry points
- Entering a short position with a pending order from the 18.99 level.
- The best points for setting stop-loss are closing the highest 19.15 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 equal to 70 pips and leave the rest of the contracts until the 18.55 support levels.
The government is providing Billions of dollars in the markets to keep up with the rising demand for the lira. At the same time, the Turkish government takes the necessary decisions to confront the devaluation of the lira until the date of the upcoming presidential elections next year. The latest reports had indicated the direction of extending the program announced by the Turkish President at the end of last year to protect the lira's savings from fluctuations in the face of foreign currencies until the end of next year. To face the depreciation of the currency, which raises the rate of inflation until the election date is reached. It is noteworthy that the Turkish President’s announcement of the program at the end of 2021 contributed to a strong rise in the price of the lira against the dollar, which are the gains that the lira lost over a period of about 8 months during the current year.
USD/TRY Technical Analysis
On the technical front, the price of the Turkish lira against the dollar stabilized on slight changes against the dollar, after the lira recorded record levels of declines during the trading of this week. The US dollar pair rose against the Turkish lira at its highest level ever, recording levels of 18.63. In the meantime, the pair is trading above the 50, 100 and 200 moving averages on the daily time frame, as well as on the four-hour time frame, maintaining the bullish trend strongly. The pair is also trading the highest levels of support, which are concentrated at levels of 18.50 and 18.40, 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.
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