Today's recommendation on the TRY/USD
Risk 0.50%.
Best buying entry points
- Entering a buy deal with a pending order from the 25.35 levels.
- Place a stop loss closing point below the 24.95 level.
- Move the stop loss to the entry area and follow the profit as the price moves 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 27.00.
Best-selling entry points
- Entering a sell deal with a pending order from the 27.00 level.
- The best points to place a stop loss are closing the highest levels of 27.65.
- Move the stop loss to the entry area and follow the profit as the price moves by 50 points.
- Close half of the contracts with a profit equal to 70 points and leave the rest of the contracts until the support level of 25.70.
The USD/TRY continued to rise slightly during early trading on Thursday morning, as reactions and expectations regarding inflation in the country continue, after official data issued earlier this month revealed a rise in inflation, approaching 60 percent levels. Despite the tightening monetary policy followed by the country's central bank.
In this regard, Turkish Vice President Cevdet Yilmaz said yesterday, Wednesday, that the Turkish government’s expectations regarding inflation during the current year are expanding, as we expect rates to rise to 65% by the end of this year. The pessimistic expectations come after the latest official data showed that inflation rose during the month of August to 58.94 percent. Yilmaz also added in his statements that government expectations also include that inflation will begin to decline starting next year to reach 8.5% by 2026. As for the growth expectations of the Turkish economy, Yilmaz said that current expectations indicate a growth in gross domestic product of 4% over the next year, By 4.5% in 2025, and 5% in 2026. It is also expected that the ratio of the current account deficit to GDP will decline to 4% during the current year, before recording an improvement to 2.3% in 2026.
TRY/USD Technical Analysis
On the technical level, the dollar pair rose against the Turkish lira slightly. The pair reached the upper limit of the ascending price channel in the 60-minute time frame, within the general upward trend, as the pair is heading to retest the lower limit of the larger ascending price channel in the four-hour time frame, which it broke. During the week the race after settling inside it over the course of several weeks.
If the pair rises, it targets the resistance levels concentrated at 27.00 and 27.50, respectively, while if the pair declines, it targets the support levels concentrated at 26.60 and 26.13, respectively. The price is moving above the 50, 100, and 200 moving averages on the daily time frame, while the pair is trading between these averages on the four-hour time frame, as well as on the 60-minute time frame, indicating the divergence that the pair is recording in the short term. The pair is expected to record some gains, targeting retesting the lower border of the price channel that the price broke before resuming the decline. Please adhere to the numbers in the recommendation, while maintaining capital management.
