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 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

Turkish Lira Analysis

The Turkish Lira witnessed some decline during early trading this morning, although the pair remained within a limited trading range. Early this morning data showed an improvement in consumer confidence in Turkey, according to data from the country’s statistics authority. The consumer confidence index rose to 72.2 points in August, compared to 68 points last month. The index hit its highest level in five months. The good data is not expected to be reflected in a large way on the price of the lira, especially after the statements of Recep Tayyip Erdogan yesterday, in which he adhered to a stimulus monetary policy aimed at lowering the interest rate. The forecasts of the Turkish Central Bank, which were published earlier this month, showed that the dollar may rise to levels of 20 lira by the end of this year.

USD/TRY Technical Outlook

The USD/TRY traded near its highest levels during 2022, the pair continued to trade within a narrow trading range, which is shown on the chart. 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 long-term bullish trend. The pair traded the highest support levels, which are concentrated at 18.08 and 17.98 levels, respectively. While the lira is 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 heading in a general bullish direction in general. 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 purchase order on Tuesday has been activated and the deal is still being traded

– None of the buy or sell transactions of yesterday were activated

Best buy entry points

Entering a buy position with a direct order from 14.62 . levels

– Set a stop loss point to close the lowest support levels 14.36.

– 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 75 pips and leave the rest of the contracts until the strong resistance levels at 14.85.

Best selling entry points

Entering a short position with a pending order from 14.86 . levels

– The best points for setting the stop loss are closing the highest levels of 14.98.

– 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 75 pips and leave the rest of the contracts until the support levels 14.40

The lira fell during early trading today, Thursday. Where investors followed a report issued by Bloomberg Agency, which includes some analysts’ opinions, the report mentioned expectations of fixing the interest rate by the Turkish Central Bank during the next meeting. Despite the emphasis that most of the central banks in the world follow in raising interest rates to control high inflation rates. The report also stated that expectations focus on the possibility of the lira recording more decline during the current month, despite the stability it has witnessed since nearly a month. Their foreign earnings into the lira.

On the technical front, the Turkish lira declined against the dollar during today’s trading, as the pair reached the bottom recorded at the end of last month, which represents strong support levels, as the pair rose from it. In general, the US dollar against the dollar continued to trade within a narrow trading range. The pair is currently trading below the descending trend line on the 240-minute time frame, shown on the chart. The pair also varied around the 50, 100 and 200 moving averages, respectively, on the four-hour time frame, while the pair fell above those averages on the 60-minute time frame. The pair is trading the highest support levels that are concentrated at 14.50 and 14.25 levels, respectively. On the other hand, the lira is trading below the resistance levels at 14.76 and 14.85, respectively. We expect the lira to fluctuate within the current range without major changes. Please adhere to the numbers in the recommendation with the need to maintain capital management.

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 buy entry points

• Entering a buy position with a direct order from the current levels 14.71
• Set a stop loss point to close the lowest support levels 14.36.
• 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 75 pips and leave the rest of the contracts until the strong resistance levels at 14.85.

Best selling entry points

• Entering a short position with a pending order from 14.86 . levels
• The best points for setting the stop loss are closing the highest levels of 14.98.
• 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 75 pips and leave the rest of the contracts until the support levels 14.40

The Turkish lira rose during the early trading today, although it moved at the same weak pace that continued to decline during the past two weeks. While there are negative expectations for the Turkish lira, a survey of the Turkish Central Bank showed expectations of a number of sectors, which showed a decline of the lira by the end of the year to levels between 16.60 and 16.80. The news related to raising the interest rate is also prompting a faster pace in the United States, as other reports showed a shift in the policy of the European Central Bank. This may shift to raising the interest rate by the end of this year to increase pressure on the future of the lira. On the data front, the Turkish Statistical Office released unemployment data for the month of February, which showed a decline to 10.7 percent, compared to 11.4 percent in January.

The Turkish lira’s trading rose against the dollar during the early trading. The US dollar pair continued trading within a narrow trading range after it reached the lower limit of the bullish price channel on the 240-minute time frame, to complete its decline in a general bearish trend against the dollar. The moving averages 50, 100 and 200 respectively on the four-hour time frame, while the pair rose above those averages on the 60-minute time frame. The pair is also trading the highest support levels, which are concentrated at 14.71 and 14.65 levels, respectively. On the other hand, the lira is trading below the resistance levels at 14.76 and 14.85, respectively. Please adhere to the numbers in the recommendation with the need to maintain capital management.