Today's recommendation on the TRY/USD
Risk 0.50%.
Best buying entry points
Entering a buy deal with a pending order from the 19.30 level.
Place a close stop loss point below the 18.99 level.
Move the stop loss to the entry area and follow the profit with the price moving by 50 points.
Close half of the contracts with a profit equal to 70 points and leave the rest of the contracts until the strong resistance level at 19.50.
The best-selling entry points
- Entering a sell deal with a pending order from the 19.65 level.
- The best points for placing a stop loss close at the 19.75 level.
- Move the stop loss to the entry area and follow the profit with the price moving by 50 points.
- Close half of the contracts with a profit equal to 70 points and leave the rest of the contracts until the 19.05 support level.
The Turkish lira fell against the dollar to record record levels of decline against the US dollar, the dollar recorded levels of 21 lira according to exchange rates in the country. where the pressure on the Turkish currency rose ahead of the upcoming decisive elections during the next week. The decline of the lira coincided with Turkish purchases of gold recording record levels during the first quarter of 2023 to reach its highest level in 10 years. The data revealed an increase in the purchases of gold bars and works by a ratio approaching 240%, reaching 59.5 tons.
Turkish citizens are increasingly turning to gold as a means of hedging against the expected declines in the lira in the period following the elections. where a number of institutional reports on the registration of the Turkish lira stated significant declines after the elections amid expectations of changes in the monetary policy of the Turkish Central Bank away from the identity of the ruling party in the elections. At the same time, the results of the opinion polls show the progress of the Justice and Development Party in the parliamentary elections, while the results show the convergence of the conflict between the contenders for the presidency in the country.
TRY/USD Technical Analysis
On the technical level, the dollar pair rose against the Turkish lira to record its highest new level ever, after the pair touched levels of 19.62 lira per dollar through the chart. The dollar continued its mounting gains against the pound which is declining at a slow pace. At the moment, the price is trading within the range of the rising price channel on the four-hour time frame, the closing price could not be higher than it, and the price is trading above the support levels which are concentrated at 19.40 and 19.34, respectively.
At the same time, the price stabilizes below the resistance levels the correct numbers 19.58 and 20.00. The price is moving above the 50, 100, and 200 moving averages on the daily time frame, as well as on the four-hour time frame and the 60-minute time frame, indicating a strong general upward trend. Due to the difference in monetary policy and the economic situation for Turkey and the expected changes in monetary policy after the elections, any drop in the dollar against the lira represents an opportunity to buy again. Please adhere to the numbers in the recommendation while maintaining capital management.TRY/USD Forecast: Lira Continues to Register Record Levels
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