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We expect the lira’s decline to continue.
Today’s recommendation on the lira against the dollar
Risk 0.50%.
None of the buying or selling transactions of yesterday were activated.
Best selling entry points
- Entering a sell position with a pending order from 17.41 levels
- 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 buy position with a pending order from 17.00 levels
- The best points for setting the stop loss are closing the highest levels of 16.88.
- 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 17.40
The Turkish lira stabilized without changes against the dollar during today’s trading. The lira did not retreat after the US Federal Reserve’s decision yesterday, which raised the lending rate by 75 basis points, amid expectations of a similar hike during next month’s meeting. The declines of most currencies against the US dollar, especially the currencies of emerging economies. This suggests an indirect intervention by the Turkish Central Bank, which succeeded in fixing the lira’s loss. Turkey is facing a crisis in the size of strong inflation, which reached its highest level in 24 years, led by jumps in the prices of energy imports, in light of the state’s adherence to not raising the interest rate to keep pace with the movements of the US Federal Reserve. In the meantime, investors are awaiting decisions from the Treasury Department regarding bonds aimed at pushing the lira to consolidate against the dollar.
On the technical level, the Turkish currency was stable for the fourth consecutive day. The pair maintained its trading in a general bullish trend above the level of 17 pounds, with the pair trading the highest levels of support, which are concentrated at levels of 17.00 and 16.80, respectively. The pair also continued trading above the 50, 100 and 200 moving averages, respectively, on the four-hour time frame, while the price traded between the same averages on the 60-minute time frame. At the same time, the lira is trading below the resistance levels at 17.40 and 17.80, respectively. The level of 17.41 represents a strong resistance level. We expect the lira’s decline to continue, as every decline on the pair represents an opportunity to repurchase, especially if it crosses the mentioned resistance levels. Please adhere to the numbers in the recommendation with the need to maintain capital management.
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