USD/TRY Forex Signal: Returning to Average Prices

Today's recommendation on the lira against the dollar

The risk is 0.50%.

Best buy entry points

- Entering a buy order pending order from 18.50 levels

- Place a stop loss point to close below the support levels 18.25.

- Move the stop loss to the entry area and follow the profit when 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 strong resistance levels at 18.99.

Best selling entry points

- Entering a sell order pending order from 18.99 levels

- The best points to place a stop loss close the highest levels of 19.15.

- Move the stop loss to the entry area and follow the profit when 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 support levels 18.55

Analysis of the Turkish lira

The price of the lira stabilized against the dollar during today's trading, Thursday, after recording a limited decline yesterday, before returning to the previous average prices. Yesterday, data released showed that GDP expanded at a 3.9% annualized rate in the third quarter, a sharp slowdown from the previous three months, when GDP expanded at a revised 7.7%. Meanwhile, local reports mentioned that the Turkish President, Recep Tayyip Erdogan, met with the country's finance minister to discuss raising the minimum wage in the country, which has been raised several times over the course of the current year and the past, This occured with the expansion of the inflation rate in the country, as inflation recorded approximately 84%, which is the highest. level in about 25 years. Foreign cash flows from the Arab Gulf countries contributed to supporting the price of the lira, which had already lost almost half of its value against the dollar since September of last year, as the country's central bank pursued an unconventional monetary policy that relied on lowering interest rates to confront high inflation.

On the technical level, the Turkish lira pair stabilized against the dollar, after the pair recorded a new peak at 18.72 levels during yesterday’s trading. The USD/TRY pair returned to a narrow range since the beginning of the two months.

  • The US dollar pair traded against the Turkish lira at the highest moving averages 50, 100, and 200 on the time frame of today.
  • It indicated the general bullish trend of the dollar against the lira, while the price is trading between these averages on the four-hour time frame as well as on the 50-minute time frame, in a sign of the divergence recorded by the pair in the medium term.
  • At the same time, the pair is trading above the support levels that are concentrated at 18.40 and 18.20, respectively.
  • On the other hand, the pair is trading below the resistance levels at 18.72, which is the highest recorded peak for the pair, as well as the psychological resistance at the integer number 19.00.

Any drop in the pair represents an opportunity to buy back again. Please adhere to the numbers in the recommendation, while maintaining capital management.

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USD/TRY

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.