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 buy entry points

• 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 near its lowest level this year against the dollar, amid noticeable interventions by the Turkish Central Bank to control the price of the lira against the dollar, and work to stabilize it at the current borders. A report published by Reuters yesterday, which includes a poll on inflation expectations in the country, showed that inflation is expected to rise to record levels of 80 percent before declining to levels of 70 percent at the end of this year. This contradicts the statements of the Turkish Minister of Finance and Treasury last week, which expected the country’s inflation to rise to 60.4%. It is noteworthy that Turkish energy imports are the main reason for the rise in inflation, as Turkey imports most of its energy needs, which rose in the wake of the Russian invasion of Ukraine. It is noteworthy that there are other unchanged factors that pressure the price of the lira, most notably the stimulus policy of the Turkish Central Bank, which adheres to fixing the interest rate in light of the tightening of other central banks of monetary policy.

On the technical level, the Turkish lira stabilized against the US dollar at the peak recorded during the current year, after a temporary decline during yesterday’s trading. Where the intervention of the Central Turkish 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 rising trend line on the four-hour time frame, shown on the chart, at the same time, the pair is trading above the highest support levels that are concentrated at 17.80 and 17.70 levels, respectively. Meanwhile, the lira is trading below the resistance levels at 18.00 and 18.32, respectively. The pair is also 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. 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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We expect the lira’s decline to continue.

Today’s recommendation on the lira against the dollar

Risk 0.50%.

None of the buying or selling transactions of yesterday were activated.

Best selling entry points

• Entering a sell position with a pending order from 17.41 levels
• 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 buy position with a pending order from 17.00 levels
• The best points for setting the stop loss are closing the highest levels of 16.88.
• 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 17.40

The Turkish lira stabilized without changes against the dollar during today’s trading, to complement yesterday’s divergence. The Turkish lira settled near its lowest level ever recorded during 2022. It is expected that the Ministry of Finance in Turkey will announce a new type of bond, which aims to attract more support for the local currency, which is facing great pressure. The announcement of the bonds coincides with the announcement of the interest rate in the United States of America, amid different expectations between raising the interest rate between 50 or 75 basis points. In other news, Turkey’s Ministry of Energy and Natural Resources today announced plans to re-explore the country’s old natural gas field in the Black Sea. These explorations will open new horizons, Turkish Energy Minister Fatih Donmez said, adding that “if we evaluate the work taking into account the depth of their implementation, this is likely to be one of the most difficult areas in the world.” It is noteworthy that energy prices are responsible for the largest increases in the volume of inflation recorded by the country, which reached its highest level in 24 years.

On the technical front, without major changes, the Turkish currency traded at the highest levels of 17 during today’s trading. The pair maintained its trading in a general bullish trend, with the pair trading the highest support levels, which are concentrated at 17.00 and 16.80 levels, respectively. 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. At the same time, the lira is trading below the resistance levels at 17.40 and 17.80, respectively. The level of 17.41 represents a strong resistance level. We expect the lira’s decline to continue, as every decline on the pair represents an opportunity to repurchase, especially if it crosses the mentioned resistance levels. Please adhere to the numbers in the recommendation with the need to maintain capital management.

The bitcoin markets have pulled back ever so slightly during the trading session on Wednesday but have also found buyers underneath to push the market higher. This is a market that is trying to build up the necessary momentum to go higher, perhaps reaching towards the $50,000 level. At the $50,000 level, it is very likely that we will find a significant amount of psychological resistance as it is a large, round, psychologically significant figure.

Underneath, there should be plenty of support near the $45,000 level, right along with the 200 Day EMA. The area should be a significant amount of support just waiting to happen. A pullback to that area could be an interesting trade, but if we were to break down below the 200 Day EMA, the market then has a lot of support underneath.

The 50 Day EMA is starting to rise at this point, perhaps threatening the idea of crossing above the 200 Day EMA. If that were to happen, it forms the so-called “golden cross” that a lot of longer-term traders will pay close attention to. When that happens, the market tends to grind higher for quite some time. Breaking above the $50,000 region would open up the possibility of a move towards the $60,000 level. That is an area that has been both support and resistance at various times, so it is worth paying attention to as not only a target but a place where there might be a bit of profit-taking.

On the downside, we could see a move towards the $40,000 level, which has been important more than once. Breaking down below there, the market would show significant weakness as it would have been a completely “false breakout.” That being said, after the price action on Wednesday, it looks more likely that we go higher than lower, but obviously, a lot of this could come down to the risk appetite of traders around the world. The market has just broken out of a major consolidation area, so it will have captured the attention of traders around the world. The market participants will continue to look its dips as a bit of value, and people will continue to look at this as an opportunity. I have no interest in shorting this market anytime soon.