USD/TRY Forex Signal: Trading in Upward Direction

We expect the lira’s decline to continue, as every decline on the pair represents an opportunity to repurchase.

Today’s recommendation on the lira against the dollar

Risk 0.50%.

The buy deal on Thursday was activated and a profit was exited from the deal with half the contracts closed and the stop loss point moved as the price progressed towards the target

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 مستويات 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

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The Turkish lira continued to decline against the dollar after a kind of rise during trading last Friday, as the Turkish government announced a set of measures that indirectly aim to tighten monetary policy and withdraw funds from the markets. On the one hand, a new type of bond was announced, which is expected to Its details will be revealed during the middle of this month, the Turkish government announced raising taxes on consumer loans from 5 percent to 10 percent. The Banking Supervision Authority has also reduced the repayment periods of these loans while raising the minimum monthly payments for credit card payments. The new measures aim to control inflation and raise the value of the lira, which is the worst emerging currency in terms of declines during the current year.

On the technical level, the Turkish currency continued to decline against the dollar, as it returned to trading at the highest levels of 17 during today’s trading, after breaking this level downward during last Friday’s trading. The pair maintained its trading in an upward general direction as the pair continued trading above the 50 moving averages, and 100 and 200 respectively on the four-hour time frame as well as on the 60-minute time frame. At the same time, the pair is trading above the support levels that are concentrated at 17.00 and 16.80 levels, respectively. On the other hand, the lira is trading below the resistance levels at 17.40 and 17.80, respectively. The level of 17.40 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.