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Today's recommendation on the TRY/USD
Risk 0.50%.
Best buying entry points
- Entering a buy deal with a pending order from the 27.75 level.
- Place a stop loss closing point below the 27.55 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 28.00.
Best-selling entry points
- Entering a sell deal with a pending order from the 25.28 level.
- The best points to place a stop loss are closing the highest level of 28.39.
- 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 27.90.
The price of the lira varied against the US dollar during early trading on Monday morning, as the Turkish currency stabilized near its lowest level ever against the US dollar. Currently, investors are focusing on the tours of the Turkish Finance Minister, Mehmet Simsek, which aim to attract more foreign investments, as the Turkish minister heads to the Arab Gulf states after a European tour that was not crowned with the expected success, as Bloomberg published a report in which it revealed the fear of a large number of hedge funds and investment banks are returning to Turkey amid a state of fear about the continuation of the current policies followed by the new economic team and the extent of the Turkish President’s patience with them.
Regarding the expected Gulf tour, Şimşek said that the meetings with Gulf investors will continue throughout the next week, as it aims to clarify the economic program approved by the new economic team and the shift in monetary policy, which aims to attract sustainable investments and provide job opportunities.
On the monetary policy level, it appears that the shift followed by the new economic team in Turkey has begun to bear fruit, as declines in the volume of deposits in the Turkish lira are protected from foreign exchange rate fluctuations. In this regard, Standard & Poor's issued forecasts that included an increase in Turkish bank profits in the second half of this year despite the pressure on lira deposits.
USD/TRY Technical Analysis
On the technical level, the dollar pair against the Turkish lira stabilized near its highest level ever during early trading this morning, recording levels of 28.07, after breaching the correct figure of 28.00 during last week’s trading. The pair maintained its movements within an 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 28.25 and 28.50, respectively, while if the pair declines, it targets the support levels concentrated at 27.75 and 27.50, respectively.
The price is moving above the 50 and 200 moving averages on the daily time frame, as well as on the four-hour time frame, indicating the control of buyers and 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.
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