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Today’s recommendation on the lira against the dollar
Risk 0.50%.
None of the buy or sell trades of yesterday’s recommendations were activated
Best selling entry points
- Entering a short position with a pending order from levels 17.45
- Set a stop loss point to close the lowest support levels 17.65.
- 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 buy entry points
- Entering a long position with a pending order from 17.11 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
The Turkish lira lost most of its gains recorded over the past two weeks, with the dollar rising strongly against major currencies and emerging market currencies, with rising recession fears that pushed investors to the dollar as a safe haven. Investors followed reports about a funding crisis facing exporters in the country with the expansion of the funding crisis due to the recent restrictions imposed by the Ministry of Finance. The country is facing a major crisis towards inflation and a weak currency that prompted the Turkish Central Bank to intervene in direct and indirect ways to control the depreciation of the lira. Especially after the lira recorded its highest level in the country since 1998, especially with the country’s central bank adhering to a stimulus policy that prevents raising the interest rate in return for a tightening policy of central banks around the world that raised foreign exchange rates against the lira. Turkish President Recep Tayyip Erdogan faces a political crisis about a year before the presidential elections scheduled for 2023.
On the technical front, the Turkish lira fell against the US dollar, as the lira lost its gains recorded a week ago. The pair settled above the support levels that are concentrated at 17.00 levels, which represent psychological levels. At the same time, the lira is trading below the resistance levels at 17.39 and 17.50, respectively. The pair traded above the moving averages 50, 100, and 200, respectively, on the four-hour time frame, as well as on the 60-minute time frame, indicating the bullish trend over the medium term. At the same time, the pair is trading the highest strong resistance levels represented in the 50 Fibonacci levels on the descending wave that started from 06-24-2022 until the top recorded on 06-27-2022. We expect the pair to rise from the levels specified in the recommendation. Please adhere to the numbers in the recommendation with the need to maintain capital management.
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