The chance of the lira rising against the dollar is still weak as the pair is moving in a generally upward direction. 

Today’s recommendation on the USD/TRY

• Risk 0.50%.
• None of yesterday’s buy or sell deals were activated

The best selling entry points

• Entering a sell deal with a pending order from the 18.33 levels
• Place the stop loss point and close the lowest support levels 18.55.
• Move the stop loss to the entry area and follow the profit with the price moving by 50 points.
• Close half of the contracts with a profit equal to 55 points and leave the rest of the contracts until the strong resistance levels at 17.70.

Best buy entry points

• Entering a buy deal with a pending order from the 17.98 levels
• The best points for placing a stop loss close at 17.74 levels.
• Move the stop loss to the entry area and follow the profit with the price moving by 50 points.
• Close half of the contracts with a profit equal to 55 points and leave the rest of the contracts until the support levels 18.31

Analysis of the Turkish Lira

The price of the Turkish lira stabilized against the US dollar during early trading this morning, as the lira continues to trade within a narrow trading range amidst interventions by the Turkish Central Bank to control its price.

This is clearly seen during last weekend’s trading, where the lira was barely affected by the rise of the dollar against most of the major and emerging currencies, after Federal Reserve Chairman Jerome Powell’s statements about sticking to the policy of monetary tightening until reaching the FED’s inflation target.

On the other hand, the Turkish Central Bank has stuck to a stimulus policy after lowering the interest rate by 100 basis points during the current month. In the meantime, reports revealed a government crackdown on independent institutions that aim to track the real inflation rate in the country, which reflects the decline in transparency in government economic data, as many analysts believe that it is unreal figures and manipulated. It is mentioned that the inflation rate in the country is at its highest level in 25 years.

On the technical level, the USD/TRY settled at its highest levels during 2022, after the pair broke through the 18.10 levels, where the pair traded at the top of the narrow trading range, which is illustrated by the chart. The pair is also trading above the 50, 100 and 200 moving averages respectively on the four-hour time frame as well as on the 60-minute time frame, indicating a long-term upward trend. The pair also traded above the support levels which are concentrated at the levels of 18.08 and 17.98 respectively. While the pair is trading below the resistance levels at 18.20 and 18.33, which are above the pair’s levels recorded at the end of last year respectively.

 The chance of the lira rising against the dollar is still weak as the pair is moving in a generally upward direction. Since every decline for the pair represents a good opportunity to buy please adhere to the numbers in the recommendation, while maintaining capital management.

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Today’s recommendation on the USD/TRY

• Risk 0.50%.
• None of yesterday’s buy or sell deals were activated

The best selling entry points

• Entering a sell deal with a pending order from the 18.33 levels
• Place the stop loss point and close the lowest support levels 18.55.
• Move the stop loss to the entry area and follow the profit with the price moving by 50 points.
• Close half of the contracts with a profit equal to 55 points and leave the rest of the contracts until the strong resistance levels at 17.70.

Best buy entry points

• Entering a buy deal with a pending order from the 17.98 levels
• The best points for placing a stop loss close at 17.74 levels.
• Move the stop loss to the entry area and follow the profit with the price moving by 50 points.
• Close half of the contracts with a profit equal to 55 points and leave the rest of the contracts until the support levels 18.31

Analysis of the Turkish Lira

The price of the Turkish lira declined against the dollar, during the early trading today, Thursday, where the pair is trading near the highest levels it recorded during 2022. Negative factors are coming together to put pressure on the price of the lira, given the Turkish Central Bank’s stimulus monetary policy going against the tight monetary policy followed by Central banks around the world. This together with an excessive inflation rate that the country has not seen for about a quarter of a century.

The expectations are still pessimistic as any positive effect of economic data or reports about the country’s economy will be swallowed. The latest reports revealed the recovery of tourism in the country after a period of stagnation that extended from the pandemic during 2020 until the middle of last year, recording good figures for the number of tourists in the country during the current period. It seems that the weakness of the lira is like a general attraction for a large number of tourists, as the number of foreign visitors increased by 53 percent on an annual basis during last July. Despite the good report, in the long term it will not have the great effect necessary to revive the Turkish lira from its weakness.

On the technical level, the USD/TRY rose to its highest level during 2022, the pair traded at the top of a narrow trading range and has been stable within it since the beginning of this week, which is illustrated by the chart. USD/TRY is also trading above the 50, 100 and 200 moving averages respectively on the four-hour time frame as well as on the 60-minute time frame, indicating a long-term upward trend. The pair also traded above the support levels which are concentrated at the levels of 18.07 and 17.98 respectively, and trading below the resistance levels at 18.16 and 18.33 respectively.

The chance of the lira rising against the dollar is still weak as the pair is moving in a generally upward direction. As every decline for the pair represents a good opportunity to buy, please adhere to the numbers in the recommendation while maintaining capital management.

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Today’s recommendation on the lira against the dollar

• Risk 0.50%.
• None of the buy or sell transactions of yesterday were activated

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 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 17.70.

Best buy entry points

Entering a long position with a pending order from 17.98 levels

• The best points for setting stop-loss are closing the highest levels of 17.74.
• 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 18.31

Analysis of the Turkish lira

The USD/TRY stabilized against the dollar at its lowest level during the current year, near the highest level for the pair recorded during the past year. This is after the Turkish Central Bank surprised the markets and cut the interest rate last Thursday by 100 basis points or 1 percent. The stimulus policy pursued by the Turkish Central Bank is one of the biggest reasons that put pressure on the price of the lira, which is slowly declining against the dollar. During the day, the Turkish President will meet with the Council of Ministers to study the market’s reaction to the interest rate cut in conjunction with the expansion of inflation. Meanwhile, investors followed up on what could be called tensions at the political level after the United States accused Turkey of helping Russia evade some sanctions. In this regard, US Deputy Treasury Secretary Wali Ademo said on Saturday that Moscow is trying to use Turkey’s willingness to help resolve the crisis in Ukraine to bypass Western sanctions. During the call between the Treasury Secretary and Turkish Deputy Finance Minister Yunus Ilyas, Ankara emphasized that it would not allow Russia to violate the sanctions imposed by Western countries due to its invasion of Ukraine. Political tensions may represent one of the reasons for putting pressure on the price of the lira, which has no hope of rising in light of the current political and economic conditions.

Technical Outlook

The US dollar against the Turkish lira settled at its highest level during 2022, after breaking the narrow trading range in which the pair has settled since the beginning of the month, which is shown on the chart. The pair traded the highest support levels, which are concentrated at 17.98 and 17.85, respectively. While the lira is trading below the resistance levels at 18.16 and 18.33, respectively. The pair is also trading above the 50, 100 and 200 moving averages, on the four-hour time frame as well as on the 60-minute time frame, indicating the long-term bullish trend. The chance of the lira rising against the dollar is still slim as the pair is heading in an overall bullish trend. As each decline of the pair represents a good buying opportunity, please adhere to the numbers in the recommendation, with the need to maintain capital management.

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Today’s recommendation on the lira against the dollar

Risk 0.50%.

The buy deal of Thursday was activated and the exit was made after making a profit with closing half of the contracts and moving the stop-loss point as the price progressed towards the target.

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 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 17.70.

Best entry points buy

• Entering a buy position with a pending order from levels of 17.85
• The best points for setting stop-loss are closing the highest levels of 17.54.
• 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 18.31

The price of the Turkish lira against the US dollar has stabilized unchanged at the same level for nearly three weeks, which clearly shows the intervention of the Turkish Central Bank in the exchange markets to achieve a kind of balance for the price of the USD/TRY currency pair. Indirectly, the Turkish Central Bank began preparing the atmosphere for a further decline of the lira against the dollar, after a poll published at the end of last week, which included the opinions of some representatives of the financial sector in the country, which showed a downward trend in the lira price. Expectations focus on the dollar reaching levels of 19 pounds by the end of this year. The poll also included pessimistic expectations regarding inflation levels in the country. In general, the economic data shows that there is no significant improvement in the upcoming expectations, which may be reflected in the price of the lira, which has no choice but to decline.

Technical Analysis

On the technical front, the US dollar against the Turkish lira settled without changes, as the pair settled within the same narrow trading range shown on the chart. It is an image that reflects the extent of the Turkish Central Bank’s control over setting a ceiling on the price of the lira. The pair maintained trading between the support levels that are concentrated at 17.85 and 17.75, respectively. While the lira is trading below the resistance levels at 18.00 and 18.07, respectively. The pair is also trading above the 50, 100 and 200 moving averages, respectively, on the four-hour time frame as well as on the 60-minute time frame, indicating the long-term bullish trend. The chance of the lira rising against the dollar is still slim as the pair is heading in an overall bullish trend. Please adhere to the numbers in the recommendation with the need to maintain capital management.

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Today’s recommendation on the lira against the dollar

Risk 0.50%.

Yesterday’s sell trade was activated, and the exit was made after making a profit with closing half of the contracts and moving the stop-loss point as the price progressed towards the target.

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 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 17.70.

Best entry points buy

• Entering a buy position with a pending order from levels of 17.85
• The best points for setting stop-loss are closing the highest levels of 17.54.
• 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 18.31

Analysis of the Turkish lira

The price of the Turkish lira stabilized against the US dollar during the early trading of today, Wednesday. The interventions of the Turkish Central Bank clearly appear in the price movements of the lira strongly against the dollar during a specific time within today’s trading before the pair returns to the normal course of trading. The Turkish Central Bank pumped dollars in liquidity into the markets to preserve the value of the lira, especially after the increase in the volume of foreign reserves in the country thanks to Russian transfers that took place in order to start implementing a nuclear plant in Turkey. The lira, which has halved against the dollar over 12 months, is suffering. This was reflected in inflation in the country, which recorded its highest level in 24 years at 79.6 percent during the month of July. The price of the lira is not expected to improve in light of the continuation of the current monetary policy without changes.

On the technical front, the USD/TRY currency pair settled near its highest levels this year. With the exception of a strong movement that appeared quickly during yesterday’s trading, the lira strongly pushed against the dollar before the pair returned to where the narrow trading range is, with the same trading image that the pair has been following since the beginning of this month, which is shown in the chart. The pair is trading above the 50 and 100 moving averages and 200, respectively, on the four-hour time frame as well as on the 60-minute time frame, indicating the bullish trend over the long term. At the same time, the pair is trading the highest levels of support, which are concentrated at 17.90 and 17.85 levels, respectively. While the lira is trading below the resistance levels at 18.00 and 18.07, respectively. We expect to re-record new highs, especially with every dip in the pair, which represents a buying opportunity. Please adhere to the numbers in the recommendation with the need to maintain capital management.

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Today’s recommendation on the lira against the dollar

Risk 0.50%.

None of yesterday’s buy or sell transactions were activated

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 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 17.70.

Best entry points buy

• Entering a buy position with a pending order from levels of 17.85
• The best points for setting stop-loss are closing the highest levels of 17.54.
• 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 18.31

The price of the Turkish lira stabilized against the US dollar during the early trading today, Tuesday, as the Turkish lira completed its trading in the narrow range in which it has been trading since the beginning of this month, near its lowest levels during 2022. The lira is not expected to witness any improvement, especially in light of unstable global economic conditions. As the US jobs data contributed to raising expectations of monetary tightening in the United States, which means the strength of the dollar, while on the other hand, the Treasury and the Central Bank of Turkey are trying to take advantage of all available solutions to maintain the stability of the lira, which suffers from a monetary policy A stimulus that the Turkish Central Bank maintains in light of inflation figures that the country has not witnessed for a quarter of a century.

Technical Analysis

On the technical front, the US dollar pair settled against the Turkish lira near its highest levels this year. As the pair’s movement continued in a narrow trading range with the same trading picture that the USD/TRY currency pair has been following since the beginning of this month, as shown through the graph.. The pair is trading above the 50, 100 and 200 moving averages, respectively, on the four-hour time frame as well as on the 60-minute time frame. On the upside in the long term. At the same time, the pair is trading the highest levels of support, which are concentrated at 17.90 and 17.85 levels, respectively. While the lira is trading below the resistance levels at 18.00 and 18.07, respectively. We expect to re-record new highs, especially with every dip in the pair, which represents a buying opportunity. Please adhere to the numbers in the recommendation with the need to maintain capital management.

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Today’s recommendation on the lira against the dollar

Risk 0.50%.

The purchase transaction on Thursday was activated and a profit was exited after closing half of the contracts and moving the stop loss point to the entry point

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 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 17.70.

Best entry points buy

• Entering a buy position with a pending order from levels of 17.85
• The best points for setting stop-loss are closing the highest levels of 17.54.
• 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 18.31

Analysis of the Turkish lira

The Turkish lira stabilized against the dollar during Monday morning trading, without major changes, as it appears that the Turkish Central Bank intervened to maintain the price of the lira at the current borders. Inflation expectations witnessed increases than previous expectations. There are no positive developments on the economic front that might push the price of the lira higher. During the past week, investors followed the Turkish president’s meeting with the Russian president, where Putin thanked Turkey for continuing to be a good trading partner, noting that the volume of trade between Moscow and Ankara doubled in the period from January to May of 2022. They also agreed on Friday that it will start Ankara made payments for natural gas to Moscow in rubles. This may ease the pressure on the lira slightly, especially since energy imports into the country have pushed inflation to rise dramatically. The lira is not expected to lead to a significant improvement in light of the monetary stimulus that the Turkish Central Bank is sticking to.

On the technical front, the Turkish lira stabilized against the US dollar, after the USD/TRY currency pair recorded a new high last week at 18.07 levels. In general, the pair’s movement continued within a narrow trading range, with the same trading pattern that the pair has been following since last week. The lira traded around the highest recorded during the current year. The pair is trading above the 50, 100 and 200 moving averages, respectively, on the four-hour time frame as well as on the 60-minute time frame, indicating the long-term bullish trend. At the same time, the pair is trading the highest levels of support, which are concentrated at 17.90 and 17.85 levels, respectively. The lira is trading below the resistance levels at 18.00 and 18.07, respectively. We expect to re-record new highs, especially with every dip in the pair, which represents a buying opportunity. Please adhere to the numbers in the recommendation with the need to maintain capital management.

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Today’s recommendation on the lira against the dollar

Risk 0.50%.

None of the buying or selling transactions were activated yesterday, Wednesday

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 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 17.70.

Best entry points buy

• Entering a buy position with a pending order from levels of 17.85
• The best points for setting stop-loss are closing the highest levels of 17.54.
• 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 18.31

Analysis of the Turkish Lira

The Turkish lira fell against the dollar during trading yesterday, Wednesday, after the country’s inflation data released yesterday, the number rose by 2.37%. It recorded 79.6% during the month of July. The interventions of the Central Bank of Turkey are clear, as the dollar crossed the levels of 18 lira for a while before falling again to levels of 17.90, the same levels that the pair has been trading at about two weeks ago. Despite the intervention of the Central Bank of Turkey, the impact of these interventions is limited. This is especially with the reduction of solutions available to the bank’s board of directors in light of adhering to an incentive policy that refuses to raise the interest rate to keep pace with other central banks around the world. This increases the pressure on the price of the lira.

Turkish Lira Technical Forecast

The Turkish lira fell against the US dollar, as it recorded a new high at 18.07 levels, the highest level for the dollar against the lira this year. In general, the pair’s movement continued with the same trading pattern as the pair since last week. Where the lira traded around the highest recorded during the current year. The pair is trading above the 50, 100 and 200 moving averages, respectively, on the four-hour time frame as well as on the 60-minute time frame, indicating the long-term bullish trend. The pair is also based on the rising trend line on the four-hour time frame shown on the chart, at the same time the pair is trading the highest support levels that are concentrated at 17.90 and 17.85 levels, respectively. The lira is trading below the resistance levels at 18.00 and 18.07, respectively. We expect to re-record new highs, especially with every dip in the pair, which represents a buying opportunity. Please adhere to the numbers in the recommendation with the need to maintain capital management.

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Today’s recommendation on the lira against the dollar

Risk 0.50%.

Yesterday’s buy trade was activated, and half of the contracts were closed with the price rising towards the target and providing a stop loss point.

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 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 17.70.

Best entry points buy

• Entering a buy position with a pending order from levels of 17.85
• The best points for setting stop-loss are closing the highest levels of 17.54.
• 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 18.31

Analysis of the Turkish lira

The Turkish lira fell slightly to exceed the peak recorded during this year after inflation data issued by the country’s Statistics Institute today. The data revealed that the country’s inflation rate rose to a new high compared to June, the number had risen by 2.37%. Recording 79.6% during July, the highest level since 1998. The report attributed the main increase in the Consumer Price Index due to a jump in transport prices, which rose by 119.11% on an annual basis. The rise in the prices of energy imports was primarily responsible for these rises, as Turkey is one of the countries that imports most of its energy needs. Experts do not expect the possibility of controlling the inflation rate in light of the stimulus policy pursued by the Turkish Central Bank, which is under the effective control of the country’s President Recep Tayyip Erdogan, who believes that the interest rate is the mother of all evils.

Lira Technical Outlook

The Turkish lira fell against the US dollar, as it recorded a new high at 17.98, the highest level for the dollar against the lira this year. In general, the pair’s movement continued with the same trading pattern that the pair has been following since last week. The lira traded around the highest recorded during the current year, after falling with a strong candle during yesterday’s trading. The intervention of the Turkish Central Bank in the strong movements of the pair appears on the pullbacks shown on the chart, before the pair’s rise returns. The pair is 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, indicating the bullish trend on the medium term. The pair is also trading above the rising trend line on the four-hour time frame, shown on the chart, at the same time, the pair is trading the highest support levels that are concentrated at 17.80 and 17.70 levels, respectively. While the lira is trading below the resistance levels at 18.00 and 18.32, respectively. We expect to re-record new highs, especially with every dip in the pair, which represents a buying opportunity. Please adhere to the numbers in the recommendation with the need to maintain capital management.

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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 entry points buy

• 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 fell with the dollar’s rise during today’s early trading. The lira lost its strong gains of 5 percent, which it recorded about two weeks ago, after government decisions about lending to companies that have a certain limit of foreign capital. The government’s efforts to maintain the value of the lira against the dollar went unheeded. But the general policy followed by the state represents a burden on the Turkish currency with the continued rise in inflation and the Turkish Central Bank’s refusal to keep pace with the monetary tightening that most central banks around the world facilitated. Yesterday, the Federal Reserve revealed a tendency to further tighten monetary policy in the US if the expansion in inflation figures continues. The aforementioned matter raised the dollar against most financial assets and, in turn, against emerging market currencies.

On the technical front, the Turkish lira fell against the US dollar, as the pair relied on the rising trend line on the four-hour time frame shown on the chart, at the same time the pair is trading the highest levels of support at 17.11 and 17.00, respectively. 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. 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.