USD/TRY Forex Signal: Lira Stable, Limited Range

Today’s USD/TRY Signal

Risk 0.50%.

None of the buy or sell transactions of yesterday were activated

Best entry points buy

• Entering a long position with a pending order from 14.62 مستويات levels
• Set a stop-loss point to close the lowest support level 14.46.
• Move the stop loss to the entry area and continue to profit as the price moves by 50 pips.
• Close half of the contracts with a profit equal to 75 pips and leave the rest of the contracts until the strong resistance levels at 14.85.

Best selling entry points

• Entering a short position with a pending order from 14.85 levels
• The best points for setting the stop loss are closing the highest levels of 14.98.
• Move the stop loss to the entry area and continue to profit as the price moves by 50 pips.
• Close half of the contracts with a profit equal to 75 pips and leave the rest of the contracts until the support levels 14.40

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The lira recorded some gains, although it continued to trade within a limited range. Investors are looking forward to the upcoming visit of Turkish President Recep Tayyip Erdogan to the Kingdom of Saudi Arabia today, Thursday. It is expected that the visit will be the beginning of ending the political competition between the two regional powers. Turkey seeks to benefit from direct investments in the Gulf, which is what happened after the UAE supported the Turkish economy through direct investment agreements that exceeded ten billion dollars. It is noteworthy that the Turkish economy, which suffers from large rates of inflation, which contributed to pressure on the value of the Turkish currency, which has lost about half of its value since the end of last year. It is expected that the lira will continue to decline, especially with the dollar’s rise globally, amid the Fed’s insistence on raising the interest rate consecutively, starting from the expected meeting during the next month and successive meetings until the end of the year.

On the technical front, the Turkish lira stabilized, declining against the dollar, as it moved slightly during today’s trading. The lira is trading from the demand areas shown on the chart. At the same time, the pair is based on the ascending trend line shown on the chart. With continued trading within a limited trading range. The pair is trading above the resistance line at 14.76 on the 240-minute time frame, shown on the chart. The pair is trading the highest support levels that are concentrated at 14.76 and 14.60 levels, respectively. On the other hand, the lira is trading below the resistance levels at 14.85 and 14.89, respectively. The pair also rose around the moving averages 50, 100 and 200, respectively, on the four-hour time frame as well as on the 60-minute time frame. Please adhere to the numbers in the recommendation with the need to maintain capital management.