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We expect the price to decline from the current levels before rising again.
Today’s recommendation on the lira against the dollar
Risk 0.50%.
The buy trade of the recommendation was activated yesterday, and half of the contracts were closed with the price moving towards the target
Best selling entry points
- Entering a short position with a pending order from levels 17.45
- Set a stop loss point to close the lowest support levels 17.65.
- 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 16.63 levels
- The best points for setting the stop loss are closing the highest levels of 16.28.
- 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 16.99
The lira fell during early Wednesday trading, as it is set to lose nearly half of its gains recorded since the end of last week. It seems that fears of economic stagnation in the country are greater than the government measures announced by the government of Recep Tayyip Erdogan. This limited the volume of loans to companies that own about one hundred thousand dollars, which pushed the lira to rise 5.2% before the start of a wave of major declines. In this regard, investors followed warnings from European banks, led by Barclays Bank and Deutsche Bank, that the new laws may cause damage to economic growth in Turkey. Especially amid fears that the new rules will reduce the volume of hard currency liquidity in the country. This may reflect on the volume of investments and the economy.
On the technical front, the Turkish lira fell against the US dollar, as the pair returned to the general upward trend. The pair is trading above the support levels that are concentrated at 16.40 and 16.17 levels, respectively. At the same time, the lira is trading below the resistance levels at 16.77 and 17.10, respectively. The pair also traded below the moving averages 50, 100 and 200, respectively, on the four-hour time frame as well as on the 60-minute time frame, indicating a decline in the medium term. The pair bounced from the moving average 50 on the daily time frame. At the same time, the pair is trading at strong resistance levels represented by 50 Fibonacci levels on the descending wave that started from 06-24-2022 until the top recorded on 06-27-2022. We expect the price to decline from the current levels before rising again from the levels specified in the recommendation. Please adhere to the numbers in the recommendation with the need to maintain capital management.
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