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Today's recommendation on the TRY/USD
The risk is 0.50%.
Best buying entry points
- Entering a buy order pending order from the 18.70 level.
- Place a stop loss point to close below the 18.45 support level.
- 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 level at 19.00.
Best-selling entry points
- Entering a sell order pending order from the 19.00 level.
- The best points to place a stop loss close to the highest level 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 level at 18.75.
The price of the TRY/USD stabilized, as the pair recorded slight changes with the opening of weekly trading. The Turkish Central Bank continued to control the exchange rate of the lira, which moves within a limited trading range, in light of the ruling administration's efforts to impose a kind of stability on the markets ahead of the upcoming elections this year.
The data issued at the end of last week by the Central Bank of Turkey had shown a decline in the volume of foreign exchange reserves in Turkey by an estimated 1.6 billion dollars. The total volume of the bank’s cash reserves reached about 128.7 billion dollars, at the same time, the bank’s data revealed a decline in net reserves by about $ 0.9 billion, to reach $ 25.8 billion. It is noteworthy that international reports estimated that the country's central bank had pumped nearly $75 billion into the markets over the past year to balance the price of the lira, which suffers from several pressures, most notably inflation associated with a stimulus monetary policy.
TRY/USD Technical Analysis
On the technical front, without major changes, the dollar pair traded stable against the Turkish lira, recording slight movements near its all-time high at 18.88, which was recorded at the beginning of last week. The pair is trading within the levels of the ascending channel in today's time frame, which reflects the upward movement of the pair, albeit at a slow pace. Currently, the dollar against the pound is trading above the support levels of 18.70, 18.60, and 18.53, respectively.
On the other hand, the pair is trading below the resistance levels at 18.83 and 18.88, which represents the highest price for the pair ever, as well as the pair is trading below the psychological resistance levels at 19.00. The USD/TRY is also trading above the moving averages 50, 100, and 200 on the daily time frame as well as on the four-hour time frame, in a sign of the general bullish trend for the pair. Any decline 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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