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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%.
None of the buy or sell trades of yesterday’s recommendations were activated
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 slight changes during the early trading this morning. Analysts attributed this stability to the indirect intervention of the Turkish Central Bank in the markets. With the continuation of the poor data of the Turkish economy, the lira was expected to witness further decline against the dollar. The lira has maintained the same current levels since the beginning of the week, despite the decision to raise the prices of some commodities in the country, which will increase pressure on inflation. On the political front, Turkish President Recep Tayyip Erdogan, during his speech at the meeting of the ruling Justice and Development Party’s parliamentary group, indicated that NATO is a security alliance and not an organization that should provide support to terrorist groups. Erdogan reiterated that he would not support the accession of the aforementioned countries until the concerns are addressed, adding that Turkey “cannot repeat the mistake made in the past regarding the countries that incubate and feed such terrorists in NATO.”
On the technical front, without major changes from the beginning of the week, the Turkish lira stabilized against the dollar, which recorded slight movements during today’s trading. The lira traded around the main resistance levels at 16.40. The pair also 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. The pair also maintained its trading above the bullish trend shown on the chart. 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. Each pullback on the pair represents an opportunity to buy back. Please adhere to the numbers in the recommendation with the need to maintain capital management.
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