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 25.50 levels
- Place a stop loss point to close below 25.25 levels.
- 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 remaining contracts until the strong resistance levels at 26.00.
Best selling entry points
- Entering a sell order pending order from 26.00 levels.
- The best points to place a stop loss close the highest levels of 26.15.
- 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 support levels 25.50.
Analysis of the Turkish Lira
The dollar pair against the Turkish lira maintained its stability at all-time highs during early trading on Thursday morning. Several reports referred to the intervention of government banks in Turkey to balance the price of the lira again against the increase in demand for foreign currencies during the previous period. While other reports mentioned the start of Turkish-Gulf cooperation within the framework of the Turkish president's plans to attract more investments from the Arab Gulf states, which the Turkish president is scheduled to visit during the coming period.
In the details of the data, it was reported that Saudi companies and their Turkish counterparts concluded a number of agreements, which amounted to 16 agreements and a memorandum of understanding worth more than $533 million in the framework of enhancing trade exchange between the two countries. Industry and real estate are highlighted. As the largest sectors agreed upon. In terms of data, early data this morning revealed that retail sales in the country increased by 28.4% on an annual basis during the month of May compared to the same month of 2022, and retail sales recorded a monthly increase of 2.1% in the same month compared to April. Food, beverage and tobacco prices led the gains.
Technical Outlook
The dollar pair against the Turkish lira maintained its stability during early trading this morning, as the pair traded near its highest levels ever. The pair is currently trading within a rectangular range defined within a general bullish trend, which showed a slowdown recently. Currently, the pair is trading around 26.10 levels, above the support levels that are concentrated at 26.00 and 25.50, respectively. The price also settles below the resistance levels that are concentrated at 26.50 and 27.00. 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. The effect of the tightening by the Turkish Central Bank on the lira price, which is expected to record some stability at the present time, is expected to be delayed. Please adhere to the figures in the recommendation, while maintaining capital management.
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