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We expect the lira to continue to decline, especially as long as it continues trading above the bullish trend line, as every dip on the pair represents an opportunity to buy back.
Today’s recommendation on the lira against the dollar
– Risk 0.50%.
– Yesterday’s buy deal was activated and half of the contracts were closed at profits and a stop loss point was provided.
Best selling entry points
Entering a short position with a pending order from 17.11 levels
– Set a stop-loss point to close the lowest support levels 17.26.
– 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 long position with a pending order from 16.58 levels
– The best points for setting the stop loss are closing the highest levels of 16.32.
– 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 17.00
The Turkish lira continued to record sharp losses, approaching its lowest levels against the US dollar, as the lira approached its lowest levels during the past year. The bets of selling the lira against the dollar increased after the Turkish President’s statements yesterday, in which he insisted on reducing the interest rate in a counter to the monetary tightening policies pursued by central banks around the world. Analysts believe that the lack of tools from the Turkish Central Bank may contribute to increasing pressures on the Turkish currency, especially with the shrinking of the size of the cash reserves in the country and the expansion of inflation to its highest level in 24 years. On the political front, investors followed the statements of Turkish Defense Minister Hulusi Akar on Tuesday that his country is ready to contribute to the safe export of grain from the ports of Ukraine. Attention was also paid to the measures that could be taken for the safe transportation of grain, sunflower and other agricultural products. Turkey is committed to providing support in this field and renewed its readiness to play its role to achieve peace in the region.
On the technical front, the Turkish lira fell against the dollar to continue recording new lows this year. During today’s trading, the lira approached the main resistance levels at 17.00. The pair maintained its trading above the bullish trend shown on the chart. The pair also continued trading above the moving averages 50, 100 and 200, respectively, on the four-hour time frame as well as on the 60-minute time frame. Referring to the general upward trend. At the same time, the pair is trading the highest support levels, which are concentrated at 16.50 and 16.40 levels, respectively. On the other hand, the lira is trading below the resistance levels at 17.11 and 17.40, respectively. We expect the lira to continue to decline, especially as long as it continues trading above the bullish trend line, as every dip on the pair represents an opportunity to buy back. Please adhere to the numbers in the recommendation with the need to maintain capital management.
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