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We expect the lira to continue to decline, especially if the pair closed above the 16.40 resistance levels.
Today’s recommendation on the lira against the dollar
Risk 0.50%.
The sell trade of the recommendation was activated yesterday, and a profit was exited with closing half of the contracts and moving the stop loss point
Best selling entry points
- Entering a short position with a pending order from 17.11 levels
- Set a stop-loss point to close the lowest support levels 17.26.
- 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 55 pips and leave the rest of the contracts until the strong resistance levels at 16.40.
Best entry points buy
- Entering a long position with a pending order from 16.33 levels
- The best points for setting the stop loss are closing the highest levels of 16.22.
- 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 55 pips and leave the rest of the contracts until the support levels 16.60
The Turkish lira recorded a decline during the early trading this morning, despite the positive data that showed the progress of the growth of the Turkish economy during the first quarter of this year. The economy in Turkey recorded a growth of 7.3 percent, and the country’s gross domestic product rose by 1.2 percent during the first quarter, with a gross domestic product value of about 179 billion dollars. The increase in the consumer spending index contributed to the positive results. It seems that the good numbers did not affect the lira, which was severely affected by the rise in inflation, interest stabilization and the depletion of the volume of foreign reserves in the country. The Turkish Central expectation was that the lira would record levels of 17.70 by the end of this year, and that inflation would reach more than 50 percent.
On the technical front, the Turkish lira stabilized against the dollar, as it witnessed minor changes during today’s trading. The lira traded around the main resistance levels at 16.40. If the pair is still trading above the rising trend line shown on the chart at the same time, the pair continued trading 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 trading the highest support levels, which are concentrated at 16.00 and 15.85 levels, respectively. On the other hand, the lira is trading below the resistance levels at 16.39 and 17.11. We expect the lira to continue to decline, especially if the pair closed above the 16.40 resistance levels. Please adhere to the numbers in the recommendation with the need to maintain capital management.
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