USD/TRY Forex Signal: Stability Near Year’s Low

Today’s USD/TRY Signal

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 17.65
• Set a stop-loss point to close the lowest support levels 17.85.
• 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 buying entry points

• Entering a long position with a pending order from 17.20 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 lira stabilized against the dollar during early European trading today, as it traded near its lowest levels ever against the dollar. Investors followed a report issued by Societe Generale Bank, which showed the Turkish lira topping the currencies affected by an expected economic recession this year. The expectations of the bank’s analysts recorded the possibility of the dollar recording an increase to reach levels of 22 pounds by the end of this year. This may exacerbate the lira’s crisis, to record loss levels close to what it recorded during the past year, which exceeded 40 percent. The bank’s report recorded the pressures on the Turkish Central Bank at the hands of the Turkish president, who refuses to raise the interest rate, which increases pressure on the Turkish lira, especially with the high rate of inflation in the country.

On the technical level, the USD/TRY currency pair without significant changes from yesterday, approaching the peak recorded yesterday, as the pair recorded its highest levels ever during the current year. The pair is based on the bullish trend line on the four-hour time frame shown on the graph. At the same time, the pair is trading the highest support levels that are concentrated at 17.22 and 17.11 levels, respectively. Meanwhile, the lira is trading below the resistance levels at 17.60 and 17.75, respectively. The pair traded above the moving averages 50, 100, and 200 on the four-hour time frame, as well as on the 60-minute time frame, indicating a bullish trend over the medium term. We expect the pair to retest the previous top and then set off to record new highs. Please adhere to the numbers in the recommendation with the need to maintain capital management.

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