Today's recommendation on the TRY/USD
Risk 0.50%.
Best buying entry points
- Entering a buy deal with a pending order from the 28.75 level
- Place a stop loss closing point below the support level at 28.60.
- 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 29.10.
Best-selling entry points
- Entering a sell deal with a pending order from the 29.00 level.
- The best points to place a stop loss are closing the highest level of 29.15.
- 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 28.75
Trading in the Turkish Lira stabilized against the dollar during early trading on Wednesday morning without major changes, as the pair stabilized around levels of 29 Liras per dollar, levels that some reports suggest represent the fair value of the Turkish currency. Meanwhile, the data issued by Turkey is witnessing some positive improvement with the trade account deficit shrinking and the country’s current account improving, while the latest reports issued at the end of last week revealed a slowdown in inflation growth in the month of November, less than market analysts expected, in a positive sign about the path of the economy in Turkey.
Meanwhile, investors followed the current direction of the administration in Turkey, which focuses on attracting more foreign investments, especially from the Arab Gulf countries.
The latest reports revealed that Turkey had signed about 12 cooperation agreements with Qatar in several areas, the most important of which is investment, trade, and other agreements in the financial sector. At the same time, investors followed the statements of Turkish President Recep Tayyip Erdogan, who said that Turkey's relationship with the Gulf is witnessing continuous development. He also added that his country seeks to maintain its position as a safe haven for investors, as his government aims to provide support to those who trust the Turkish economy. Erdogan concluded his statements by saying that The country's economic administration has taken steps to control inflation, and these measures are continuing.
TRY/USD Technical Analysis
On the technical level, the dollar pair against the Turkish lira maintained its stability during today’s trading, as the pair is trading near its highest levels ever, which it reached earlier this week at 29.02. At the same time, the pair stabilized within the ascending price channel on the 240-minute time frame shown in the chart. While the pair's rise is observed to slow down as the pair enters a less severe trading wave in a smaller price channel shown in the chart, the upper border of which the pair was unable to break.
If the pair declines, it will target the support levels concentrated at 28.71 and 28.65, respectively. On the other hand, if the price rises, it will target the resistance levels, which are concentrated at 29.00 and 29.10, respectively. At the same time, the price is trading 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 within the general upward trend that the pair is recording in the long term. The change in monetary policy may prepare the pair to record an upward wave, but at a slower pace. Please adhere to the numbers in the recommendation, with the need to maintain capital management.
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