Today's recommendation on the TRY/USD
Risk 0.50%
Best buying entry points
- Entering a buy deal with a pending order from the 28.35 level.
- Place a stop loss closing point below the 28.20 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 28.70.
Best-selling entry points
- Entering a sell deal with a pending order from the 75.28 level.
- The best points to place a stop loss are closing the highest level of 28.85.
- 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 levels of 28.40.
The price of the Turkish Lira against the US dollar maintained its stability near its lowest level ever during early trading on Thursday morning. Reports published yesterday revealed that the Turkish government completed the first sale of dollar bonds for the first time since last April, as the Turkish government sold five-year bonds worth about $2.5 billion, with returns on those bonds amounting to 8.5%.
It is noteworthy that bond sales have witnessed a recovery, especially in emerging markets, which benefited from the decline in yields on Treasury bonds in the United States, at a time when most reports suggest that the Reserve Bank will end the monetary tightening cycle. It is noteworthy that the country witnessed a shift in the course of monetary policy with the beginning of the new presidential term of Turkish President Recep Tayyip Erdogan, who turned against his unconventional monetary policy, appointing a new economic team that tightened monetary policy and raised interest rates several times.
In other news, investors followed the statements of the Turkish Minister of Tourism, Mehmet Ersoy, who revealed that the average amount spent by tourists on a daily basis in Turkey during the current year has increased to reach $100 compared to $67 in the average in 2017. This comes within his announcement of an increase in his country’s revenues from tourism during the first nine months of this year reached $42 billion, with expectations that the number will reach $55 billion by the end of the year.
TRY/USD Technical Analysis
On the technical level, the dollar pair against the Turkish lira did not record significant changes during trading this morning, as it settled near its new highest level ever at levels of 28.60 liras per dollar. The pair maintained its movements within an ascending price channel on today's time frame, shown in the chart.
Currently, if the pair goes up, it targets the resistance levels concentrated at 28.75 and 29.00, respectively, while if the pair declines, it targets the support levels concentrated at 28.10 and 27.90, 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.
