USD/TRY Forex Signal: Lira Increases Losses

Today’s recommendation on the lira against the dollar

Risk 0.50%.

Yesterday’s sell recommendation was activated, and it is still trading

Best selling entry points

• Entering a short position with a pending order from levels of 17.85
• Set a stop-loss point to close the lowest support levels 17.95.
• 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 17.20 levels
• The best points for setting stop-loss are closing the highest levels of 16.94.
• 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 17.41

USD/TRY Analysis

The USD/TRY currency pair rose during the morning trading today, Thursday, as the lira recorded new declines against the dollar, to its lowest level this year. Investors are awaiting the meeting of the Turkish Central Bank, which is expected to fix the interest rate. Observers rule out the possibility of raising the interest rate by the bank, which is under the effective control of Turkish President Recep Tayyip Erdogan. He describes himself as the first interest enemy, as the Turkish President previously stated that the interest rate Benefit is the root of all evil. The Turkish president had previous conflicts with a number of heads of the Turkish Central Bank that led to a series of dismissals, especially with their adherence to raising the interest rate against the desire of the Turkish president. Observers see the impossibility of controlling the lira’s decline in light of the current monetary policy, which is characterized by stimulus, in contrast to the tightening policy pursued by most central banks around the world.

• On the technical front, the Turkish lira fell against the US dollar, as it breached the peak recorded yesterday, Tuesday, as the pair recorded its highest level ever during the current year.
• The pair is trading above the ascending trend line on the four-hour time frame shown on the graph.
• The pair is trading the highest support levels that are concentrated at 17.22 and 17.11 levels, respectively.
• USD/TRY is trading below the resistance levels at 17.85 and 17.95, respectively.
• The pair traded above the moving averages 50, 100, and 200, on the four-hour time frame, as well as on the 60-minute time frame, indicating the bullish trend over the medium term.
• We expect to re-record new highs, especially with every dip in the pair, which represents a buying opportunity.
• Please adhere to the numbers in the recommendation with the need to maintain capital management.

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