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We expect some increases for the Turkish currency from the current levels before resuming the strong declines.
Today’s recommendation on the lira against the dollar
Risk 0.50%.
Yesterday’s sell recommendation was activated, and it is still trading
Best entry points buy
- Entering a long position with a pending order from 14.88 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 15.29 levels
- The best points to place the stop loss are closing the highest levels of 15.48.
- 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 14.88
The Turkish lira fell by about half a percent during trading today, Wednesday, as the US dollar continued to rise due to the pressures caused by inflation on the local currency price. Turkey suffers from record levels of inflation, which recorded about 70 percent during the past month, according to the latest data issued by the country’s statistics office. The rise in the price of fuel and energy imports in general has been the main driver of the rapid rise in inflation rates in the country. The war in Ukraine had caused major increases in fuel and food prices globally and in Turkey, which prompted the Turkish Central Bank to pump several billions of dollars to government institutions during the previous months to support energy prices. The lira is not expected to decline in the near term, especially with the monetary policy followed by the Turkish Central Bank under pressure from President Recep Tayyip Erdogan, who refuses to raise the interest rate in the country.
On the technical front, the Turkish lira fell strongly against the dollar during today’s early trading, the pair continued to rise above the moving averages 50, 100 and 200, respectively, on the four-hour time frame as well as on the 60-minute time frame. At the same time, the pair is also trading the highest support levels, which are concentrated at 15.00 and 14.87 levels, respectively. On the other hand, the lira is trading below the resistance levels at 15.29 and 15.50. The pair is trading around 15.29 levels, which represents the 61 Fibonacci level of the descending wave that recorded its top on 12-12-2021 and recorded its bottom on 12-12-2021. We expect some increases for the Turkish currency from the current levels before resuming the strong declines. Please adhere to the numbers in Recommendation with the need to maintain capital management.
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