Lira Declining Near Year Low

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 levels 17.45
• Set a stop loss point to close the lowest support levels 17.65.
• 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 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 17.11 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

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The Turkish lira fell with the dollar’s rise during today’s early trading. The lira lost its strong gains of 5 percent, which it recorded about two weeks ago, after government decisions about lending to companies that have a certain limit of foreign capital. The government’s efforts to maintain the value of the lira against the dollar went unheeded. But the general policy followed by the state represents a burden on the Turkish currency with the continued rise in inflation and the Turkish Central Bank’s refusal to keep pace with the monetary tightening that most central banks around the world facilitated. Yesterday, the Federal Reserve revealed a tendency to further tighten monetary policy in the US if the expansion in inflation figures continues. The aforementioned matter raised the dollar against most financial assets and, in turn, against emerging market currencies.

On the technical front, the Turkish lira fell against the US dollar, as the pair relied on the rising trend line on the four-hour time frame shown on the chart, at the same time the pair is trading the highest levels of support at 17.11 and 17.00, respectively. At the same time, the lira is trading below the resistance levels at 17.39 and 17.50, 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 the pair to rise from the levels specified in the recommendation. Please adhere to the numbers in the recommendation with the need to maintain capital management.