Lira Continues to Decline Against USD

Today’s recommendation on the lira against the dollar

Risk 0.50%.

Yesterday’s buy deal was activated and it is still trading

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

Advertisement

Analysis of the Turkish lira

The Turkish lira is continuing its decline against the dollar despite the early decline of the dollar against most major currencies this morning. The dollar was strong against the lira, which is tumbling amid an apparent intervention by the Turkish Central Bank to maintain the price of the lira against the dollar. Investors are awaiting the Federal Reserve’s decision on the interest rate, which is expected to raise the interest rate by 75 basis points. This is amid other expectations of raising the interest rate by about 100 basis points, which may increase the dollar’s strength against the lira.

The lira is suffering from the fixing of the interest rate by the Turkish Central Bank. Economic reports also indicated that the Turkish Central Bank is facing a crisis regarding foreign currencies, which is putting pressure on the price of the lira, in addition to the rise in inflation and the expansion of fears of economic stagnation globally. Another report from Reuters indicated the expansion of fears of continued confidence in the so-called protected accounts in the lira, which contributed to the rise in the price of the lira against the dollar at the end of last year, which may increase pressure on the lira.

On the technical front, the Turkish lira fell against the US dollar, as the pair is heading to break the peak recorded this week. The pair is trading within a bullish price channel on the four-hour time frame shown on the chart. The pair is trading the highest support levels that are concentrated at 17.80 and 17.70 levels, respectively. Meanwhile, the lira is trading below the resistance levels at 18.00 and 18.32, respectively. The pair is also 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, indicating the bullish trend on 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.

Ready to trade our Forex daily analysis and predictions? Here are the best Forex brokers to choose from.