USD/TRY Forex Signal: Losing Monthly Gains

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Recommendation of the day on the lira against the dollar

Risk 0.50%.

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

Best Selling Entry Points

  • Entering a short position with a pending order from the 17.45 levels
  • Set a stop loss point to close the lowest support levels 17.65.
  • 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 16.40.

Best buy entry points

  • Entering a long position with a pending order from levels 17.11
  • The best points to set the stop-loss close the highest levels of 16.94.
  • 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 17.41
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The Turkish lira lost most of its gains seen in the past two weeks as the dollar rose sharply against major currencies and emerging market currencies, with growing recession fears pushing investors towards the dollar as a safe haven. Investors have been following reports of a funding crunch facing exporters in the country with the funding crunch expanding due to recent restrictions imposed by the Ministry of Finance. The country is facing a major inflation crisis and a weak currency which has prompted the Turkish Central Bank to intervene directly and indirectly to control the depreciation of the lira. Especially after the lira recorded its highest level in the country since 1998, especially with the adherence of the country’s central bank to a stimulus policy which prevents raising the interest rate in exchange for a policy tightening by central banks around the world which raised exchange rates against the lira. Turkish President Recep Tayyip Erdogan faces a political crisis about a year before presidential elections scheduled for 2023.

On the technical side, the Turkish lira fell against the US dollar, as the lira lost its gains recorded a week ago. The pair settled above the concentrated support levels at 17.00, which represent psychological levels. Meanwhile, the lira is trading below the resistance levels at 17.39 and 17.50, 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. At the same time, the pair is trading the highest resistance levels represented in the 50 Fibonacci levels on the descending wave that started from 06/24/2022 until the high recorded on 06/27/2022. We expect the pair to rise from the levels specified in the recommendation. Please respect the numbers in the recommendation with the need to maintain capital management.

USD/TRY

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