USD/TRY Forex Signal: Lira Increases its Losses

Today’s recommendation on the lira against the dollar

Risk 0.50%.

No purchase or sale transactions were activated on Thursday

Best selling entry points

• Entering a short position with a pending order from levels of 18.33
• Set a stop-loss point to close the lowest support levels at 18.55.
• 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 17.70.

Best entry points buy

• Entering a buy position with a pending order from levels of 17.85
• The best points for setting stop-loss are closing the highest levels of 17.54.
• 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 18.31

USD/TRY Technical Analysis

The Turkish lira fell during the morning trading on Monday as reports showing Erdogan’s discussion of the use of the Turkish lira in international payments did not have any positive impact on the price of the lira. The Turkish president had discussed with his Russian and Iranian counterparts during the past week the possibility of using local currencies in payments between them, especially with the bad economic impact that the three countries are suffering from. Most of Turkey’s energy imports come from Iran and Russia. The rise in the prices of energy imports is considered primarily responsible for the high inflation that the country is witnessing. Meanwhile, none of the previous efforts to revive the lira by the country’s treasury ministry or by the central bank succeeded. The lira suffers from an accommodative policy with fixing the interest rate in the country during the past week, unlike the major currencies whose central banks are tightening monetary policy, which pushes those currencies to further rises.

On the technical front, the Turkish lira fell against the US dollar, as the pair breached the previously recorded peak last week, to record the pair’s highest level ever this year. The pair is trading above the rising trend line on the four-hour time frame, shown on the chart. At the same time, the pair is trading the highest support levels that are concentrated at 17.70 and 17.51 ​​levels, respectively. Meanwhile, the lira is trading below the resistance levels at 18.00 and 18.32, respectively. The pair traded above the moving averages 50, 100, and 200, respectively, 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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