TRY/USD Forecast: The Turkish Lira Expands its Losses and Reaches its Lowest Level Ever

Currently, if the pair goes up, it targets the resistance levels concentrated at 27.99 and 28.19, respectively, while if the pair declines, it targets the support levels concentrated at 27.60 and 27.30, respectively. 

brokers-we-recommend Forex Brokers We Recommend in Your Region

See full brokers list see-full-broker
 

Today's recommendation on the TRY/USD

Risk 0.50%.

Best buying entry points

  • Entering a buy deal with a pending order from the 27.50 level.
  • Place a stop loss closing point below the 26.25 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 27.80.

Best-selling entry points

  • Entering a sell deal with a pending order from the 27.99 level.
  • The best points to place a stop loss are closing the highest level of 28.09.
  • 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 27.70.

The price of the Turkish Lira declined against the US dollar during early trading on Tuesday morning, as the dollar recorded its highest levels ever against the lira at levels of 27.87. Investors followed a report issued by the Organization for Economic Cooperation and Development about the countries with the highest food price inflation around the world, Turkey topped with a rate of 72.9% and a significant margin over Hungary, which came in second place with a rate of 17.9%. Meanwhile, Turkish Finance Minister Mehmet Simsek reiterated his previous statements that his country is seeking to build the central bank’s foreign currency reserves. Simsek also praised the optimistic expectations of the International Monetary Fund, which expected a slowdown in economic growth in conjunction with a decline in the country’s trade deficit over the next year amid tightening monetary policy.

On the political level, Erdogan affirms Turkey's efforts to stop the Middle East crisis. Turkish President Recep Tayyip Erdogan expressed his country's commitment to ending the Israeli-Palestinian conflict and restoring peace during a telephone conversation with his Palestinian counterpart, Mahmoud Abbas. The Turkish presidency posted on X, formerly known as Twitter, that the two presidents discussed the latest developments related to regional tensions and ongoing events in Israel and Palestine. Earlier, Erdogan commented on Turkey's readiness to "do its part" to stop the conflict in the Middle East.

TRY/USD Technical Analysis

On the technical level, the dollar pair against the Turkish lira maintained its rise to record its highest level ever during early trading this morning at levels of 27.87. Before recording some declines, the pair is trading at the upper border of the ascending price channel on the 240-minute time frame shown in the chart.

Currently, if the pair goes up, it targets the resistance levels concentrated at 27.99 and 28.19, respectively, while if the pair declines, it targets the support levels concentrated at 27.60 and 27.30, respectively. The price is moving above the 50 and 200 moving averages on the daily time frame, as well as on the four-hour and 60-minute time frames, indicating the buyers’ control and the return of the general upward trend recorded by the pair. The pair is expected to record gains as long as it settles within the ascending price channel range. Please adhere to the numbers in the recommendation, while maintaining capital management.

USD/TRY

Ready to trade our daily Forex forecast? Here’s a list of some of the best regulated forex brokers to check out.

Amir Issa
Economic editor , more than 12 years experience in the global financial markets and in the field of currency and metals trading. I supervised on many sites related to investment, finance and training in the field of forex and global exchanges.