USD/TRY Forex Signal: Falling for 10 Days

Today’s recommendation on the lira against the dollar

Risk 0.50%.

None of the buy or sell trades of the recommendation were activated yesterday

Best entry points buy

• Entering a long position with a pending order from levels of 15.85
• Set a stop loss point to close the lowest support levels 15.65.
• 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 75 pips and leave the rest of the contracts until the strong resistance levels at 16.05.

Best selling entry points

• Entering a short position with a pending order from 16.00 . levels
• The best points for setting the stop loss are closing the highest levels of 16.11.
• 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 75 pips and leave the rest of the contracts until the support levels 15.58

Advertisement

The direction of the USD/TRY is moving in one direction without a correction. It is a matter of time before the dollar reaches levels of 16 lira in light of the failure of the Turkish Central Bank’s tools under pressure from President Recep Tayyip Erdogan, as the bank cut the interest rate by 500 basis points over several months until late last year, before announcing the fixing of the interest rate at levels of 14 percent in January. This caused the lira to lose 44% of its value against the dollar. Since there is no new event that may be expected with the conduct of Russian military operations in Ukraine, which is one of the biggest reasons that pushed global inflation to record levels and raised the price of energy strongly, which contributed to raising inflation in the country to levels of 70 percent. Therefore, experts do not expect the lira to witness any corrections, as it records on a daily basis a new low against the dollar.

On the technical front, the Turkish lira continues to decline strongly against the dollar, as the pair is based on the rising trend line on the four-hour time frame, shown on the chart, and the pair continues to rise above the moving averages 50, 100 and 200, respectively, on the four-hour time frame as well. The pair is also trading the highest support levels, which are concentrated at 15.73 and 15.85 levels, respectively. On the other hand, the lira is trading below the resistance levels at 16.00 and 16.40. As the pair’s upward momentum continues, the way is open for the lira to reach 16.63 levels, which it recorded at the end of last year, as it is the first major resistance level. Please adhere to the numbers in the recommendation with the need to maintain capital management.