USD/TRY Forex Signal: Lira Increases Losses

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Recommendation of the day on the lira against the dollar

Risk 0.50%.

No buy or sell trades were activated on Thursday

Best Selling Entry Points

  • Entering a short position with a pending order from levels of 18.33
  • Set a stop-loss point to close the lowest support levels at 18.55.
  • 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 55 pips and leave the rest of the contracts up to the high resistance levels at 17.70.

Best entry points to buy

  • Enter a buy position with a pending order from 17.85 levels
  • The best points to set the stop-loss close the highest levels of 17.54.
  • 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 55 pips and leave the rest of the contracts until the support level 18.31

USD/TRY Technical Analysis

The Turkish lira fell during Monday morning as reports showed that Erdogan’s discussion of using the Turkish lira in international payments had no positive impact on the price of the lira. The Turkish president had discussed with his Russian and Iranian counterparts over the past week the possibility of using local currencies in payments between them, especially with the bad economic impact the three countries are suffering. Most of Turkey’s energy imports come from Iran and Russia. Rising energy import prices are seen as the main culprit for the country’s high inflation. Meanwhile, none of the previous efforts to revive the lira by the country’s treasury ministry or by the central bank have come to fruition. The lira is suffering from policy accommodation with the country’s interest rate setting over the past week unlike major currencies whose central banks are tightening monetary policy, pushing these currencies further higher.

On the technical side, the Turkish lira fell against the US dollar, as the pair breached the previously recorded high last week, to record the pair’s highest level on record this year. The pair is trading above the four-hour uptrend line shown on the chart. At the same time, the pair is trading at the highest support levels which are concentrated at the 17.70 and 17.51 ​​levels respectively. Meanwhile, the Pound is trading below the resistance levels at 6:00 p.m. and 6:32 p.m., respectively. The pair traded above the 50, 100, and 200 moving averages, respectively, over the four-hour time frame, as well as the 60-minute time frame, indicating the medium-term bullish trend. We expect to re-register new highs, especially with every dip in the pair, which presents a buying opportunity. Please respect the numbers in the recommendation with the need to maintain capital management.

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