Today's recommendation on the TRY/USD
The risk is 0.50%.
Best buying entry points
- Entering a buy order pending order from the 26.50 level.
- Place a stop loss point to close below the 26.25 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 27.50.
Best-selling entry points
- Entering a sell order pending order from the 27.50 level.
- The best points to place a stop loss close to the highest level of 27.65.
- 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 26.50.
The USD/TRY stabilized, trading near its highest levels ever. Investors sold data issued early today, issued by the country’s Statistics Authority, which revealed a decline in home sales in the country to foreigners by 28.9 percent during last July compared to In the same month of 2022, 109,548 thousand homes were sold across the country.
The data comes despite the recovery of the tourism sector during the previous months as it was one of the important factors in reducing the current account deficit in the country. At the same time, the efforts of the country's fiscal and monetary policymakers, who seek to shift the course of monetary policy in Turkey, continue to control inflation, which has returned to expansion again, according to recent data.
The Central Bank of Turkey raised interest rates during the last two months in conjunction with the adoption of a number of measures aimed at withdrawing liquidity from commercial banks, in addition to a number of other measures aimed at reducing demand in the markets amid the keenness of those parties not to push the economy towards recession, which was stated by the vice president Turkish Cevdet Yilmaz, who said that the country should continue its path to boost production and exports to prevent the country's economy from falling into recession at a time when efforts to fight inflation are expanding.
TRY/USD Technical Analysis
On the technical front, the dollar pair against the Turkish lira recorded stability in the same limited trading range near its highest levels recorded during the past weeks, with the pair's stability around levels of 27 lira per dollar. The pair is currently trading in a mixed manner for the fourth week in a row. If the pair rises, it will target the resistance levels that are concentrated at 27.50 and 28.00, respectively, but if the pair declines, it will target the support levels that are concentrated at 26.50 and 26.00, respectively.
The price is moving above the moving averages 50, 100, and 200 on the daily time frame, as well as on the four-hour time frame, while the pair is trading between these moving averages on the 60-minute time frame in a sign of divergence in the short term. The Turkish currency is expected to record some decline, especially if the pair breaks the upper border of the rectangle that the pair is trading inside. Please adhere to the figures in the recommendation, while maintaining capital management.
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