Any drop in the pair represents an opportunity to buy back again.
Today’s recommendation on the TRY/USD
The risk is 0.50%.
Best buying entry points
- Entering a buy order pending order from the 18.70 level.
- Place a stop loss point to close below the support level at 18.45.
- Move the stop loss to the entry area and follow the profit when the price moves by 50 pips.
- Close half of the contracts with a profit equal to 70 pips and leave the rest of the contracts until the strong resistance level at 19.00.
Best-selling entry points
- Entering a sell order pending order from the 19.00 level.
- The best points to place a stop loss close to the highest level of 19.15.
- Move the stop loss to the entry area and follow the profit when the price moves by 50 pips.
- Close half of the contracts with a profit equal to 70 pips and leave the rest of the contracts until the support level at 18.75.
The price of the TRY/USD stabilized during early trading on Thursday morning. As the lira did not benefit from the decline of the dollar globally. The dollar was pressured by the Federal Reserve’s decision to raise interest rates by 25 basis points, as most analysts had expected. After the decision to raise the interest rate, the Federal Reserve Chairman made several statements, the most important of which was that the bank will continue to raise the interest rate twice during this year. Jerome Powell said that it can be said now that prices have begun to deflate, but it is too early to say that inflation has been defeated.
On the other hand, the price of the lira did not move against the decline of the dollar globally, as it seems that the lira is overvalued and that the country’s central bank is working to support the currency in an attempt to control commodity prices to record levels, with inflation rising in the country during most of the previous year before it It records some decline in the last month. In terms of data, the Turkish government revealed an increase in tourism revenues in the country during the past year 2022, as it recorded $46.3 billion, after the number of visitors who left the country reached 51.4 million. It is not expected that the lira will witness major movements until the ruling party succeeds in passing the expected elections next May.
USD/TRY Technical Analysis
On the technical front, the trading of the USD/TRY stabilized without significant changes, as it witnessed slight movements near its all-time high at 18.88, which was recorded at the beginning of the week. The pair returned to trading in a limited range that the pair had settled at for several months, with the pair settling within the levels of the ascending channel on the time frame of today, which reflects the upward movement of the pair, albeit at a slow pace.
The USD/TRY is also trading above the moving averages 50, 100, and 200 on the daily time frame as well as on the four-hour time frame, in a sign of the general bullish trend for the pair. Currently, the USD/TRY is trading above the support levels of 18.70, 18.60, and 18.53, respectively. On the other hand, the pair is trading below the resistance levels at 18.83 and 18.88, which represents the highest price for the pair ever, and the pair is also trading below the psychological resistance levels at 19.00.
Any drop in the pair represents an opportunity to buy back again. Please adhere to the numbers in the recommendation, while maintaining capital management.
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