Read stable, narrow trading range

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Recommendation of the day on the lira against the dollar

Risk 0.50%.

None of yesterday’s buy or sell trades have been activated

Best entry points to buy

  • Enter a long position with a pending order from the 14.55 levels
  • Set a stop loss point to close the lowest support levels 14.36.
  • Move the stop loss to the entry zone and continue profiting when the price moves 50 pips.
  • Close half of the contracts with a profit equal to 75 pips and leave the rest of the contracts up to the high resistance levels at 15.00.

Best Selling Entry Points

  • Entering a short position with a pending order from the 14.87 levels.
  • The best points to set the stop loss close the highest levels of 14.98.
  • Move the stop loss to the entry zone and continue profiting when the price moves 50 pips.
  • Close half of the contracts with a profit equal to 75 pips and leave the rest of the contracts until the support level 14.40
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The Turkish lira stabilized against the US dollar with no significant change from yesterday’s session in Thursday’s session. Analysts believe that the current price will be the new average price of the Turkish Lira, which has seen declines from the average there in the first two months of this year. The lira came under pressure due to the war in Ukraine, with investors flocking to safe-haven currencies, particularly the dollar, at the expense of currencies from emerging economies. In addition to the Federal Reserve’s tendency to raise the interest rate in the current month, with the expectation of continued increases throughout the current year, which could add larger hikes to the price of the dollar at the expense of the Turkish lira.

On the technical side, the Turkish lira stabilized against the dollar without significant change for the second day in a row, as the pair stabilized in a narrow range over the 60-minute period indicated by the rectangle on the chart. However, the pair is generally trading within the general continuing upward trend, with the pair stabilizing above the 50, 100, and 200 moving averages, respectively, on the daily and four-hour time frames. The pair also bounced off the 50 moving average over the 60 minute period. The pair is trading at the highest support levels, concentrated at 14.75 and 14.66 respectively. On the other hand, the Pound is trading below the resistance levels of 14.85 and 15.97, respectively. We expect the pair to move if it stabilizes within the rectangular range, where the pair targets the 14.50 levels on the downside. In the continuation of the rise from the 15.26 levels, it represents 61 Fibonacci for the last bearish wave, and started on 2021-12-20 and ended on 2021-12-23. Please respect the existing numbers in the recommendation with the need to maintain capital management.

USD/TRY

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