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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