USD/TRY Forex Signal: Lira Declines Against Dollar

Today’s recommendation on the lira against the dollar

Risk 0.50%.

None of yesterday’s buy or sell transactions were activated

Best selling entry points

• Entering a short position with a pending order from levels of 17.50
• 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 17.10 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 against the dollar to record levels, as the Turkish lira was affected by the rise of the US dollar, after yesterday’s data, which showed an increase in inflation in the United States of America, exceeding expectations, counting 9.1 percent. Where investors expect the US Federal Reserve to tighten monetary policy by raising the interest rate by no less than 75 basis points during the next Fed meeting, which means the rise of the US dollar, which is an asset that earns a return, in exchange for a stimulus policy insisted by the Central Bank of Turkey, which fixed The interest ten months ago, which swallowed any positive effect of any of the financial measures taken by the government of Turkish President Recep Tayyip Erdogan.

On the technical front, the Turkish lira fell against the US dollar, as the pair surpassed its last recorded peak late last month. The pair is trading within an ascending channel on the four-hour time frame shown on the chart, at the same time the pair is trading the highest support levels at 17.11 and 17.00, respectively. Meanwhile, the lira is trading below the resistance levels at 17.50 and 17.60, 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 retreat from the previous top before re-breaking it, and then set out to record new tops. Please adhere to the numbers in the recommendation with the need to maintain capital management.

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