Top Forex Brokers
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 Tuesday morning near its lowest levels ever. Markets are digesting yesterday's inflation data, as inflation in Turkey accelerated but less than expected. Inflation rose on an annual basis in November to reach 61.98% compared to 61.36% recorded in October, which is lower than expectations of 63%. Despite the noticeable slowdown, a number of reports mentioned the possibility of inflation rising again, due to supporting natural gas prices for a year, which is one of Erdogan’s election promises.
At the same time, investors followed the statements of the Turkish Minister of Finance, who said that the recent inflation data in the country came less than expected, a reflection of the monetary and financial policy followed by the economic team in Turkey. Şimşek also added that the inflation rate was consistent with the goals of the economic team, which will continue to combat high inflation. The Turkish Minister also pointed out the decline in monthly increases in the C index since last September, in reflection of the decline in inflation momentum, as the index recorded a rate of 5.28 percent during September, before falling to 3.27 percent during October, before recording a final decline during November. To reach 1.96 percent.
TRY/USD Technical Analysis
On the technical level, the dollar pair stabilized against the Turkish lira, as the pair rebounded from its highest levels ever recorded at the beginning of this week at levels of 29.02. The pair maintained its trading within the ascending price channel on the 240-minute time frame shown in the chart. While the pair's rise is slowing down, the pair enters a less severe trading wave in a smaller price channel shown in the chart.
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.
Ready to trade our Forex daily forecast? We’ve shortlisted the best FX trading platform in the industry for you.