Today's recommendation on the TRY/USD
The risk is 0.50%.
Best buying entry points
- Entering a buy order pending order from the 23.00 level.
- Place a stop loss point to close below the 22.80 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 levels at 23.50.
Best-selling entry points
- Entering a sell order pending order from the 24.00 level.
- The best points for placing a stop loss close to the highest level of 24.15.
- 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 23.50 support level.
The TRY/USD traded stable against the US dollar during yesterday's trading on Monday and early trading on Tuesday morning, as the Turkish currency was relatively stable after a long series of losses. As the Turkish currency recorded significant losses over the course of several weeks, amid a state of lack of confidence in the economic policy pursued by the Turkish president. And this is despite Recep Tayyip Erdogan's attempt to reverse the state of mistrust by appointing an economic team from the sons of the traditional economic theory, headed by Mehmet Simsik as Minister of Finance and Hafiza Ghaya Arkan as Governor of the Central Bank of the country.
It is noteworthy that the two had previously worked in Wall Street banks, which expanded the expectations of changing the previous economic approach, which the Turkish president was insisting on. Investors are awaiting the first meeting of the Central Bank of Turkey on the 22nd of this month, amid expectations of raising interest rates to levels of 25%, in a move that may erase the previous efforts of the Turkish president, in which he pledged to reduce interest rates to single digits, which he actually succeeded in, despite the percentage High inflation in the country. It is noteworthy that the economic expectations have suggested the application of further increases in interest rates in Turkey after the next meeting, as expectations indicated to raise rates to 40% in order to control inflation that hit the country.
TRY/USD Forecast
On the technical front, the dollar pair stabilized against the Turkish lira without major changes, after a wave of ascending within the trading of the general bullish trend, in which the pair is facilitating strongly, in which the pair recorded new record highs on a daily basis. The pound's price stabilized during early trading this morning, as the pair reached 23.67 levels.
At the same time, the pair is trading above the support levels that are concentrated at 23.50 and 23.00, respectively. The price also settles below the resistance levels that are concentrated at 24.00 and 24.50. The price is moving above the moving averages 50, 100, and 200 on the daily timeframe, as well as on the 4-hour and 60-minute timeframes, in a sign of the strong bullish general trend.
Until the announcement of the expected changes in monetary policy, caution may be the master of the situation, with the pair's gains momentum declining, as it is expected to record stability until the next central bank meeting. Please adhere to the figures in the recommendation, while maintaining capital management.
Ready to trade our Forex daily forecast? We’ve shortlisted the best FX trading platform in the industry for you.