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 long 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, as the lira traded near its lowest level ever during the current year. The Turkish government seeks to control the declines of the lira. The Turkish government was expected to announce a measure known as the rediscount credit, which aims to facilitate borrowing for longer periods of up to 360 days and at lower interest for exporters committed to selling more foreign currencies, according to Bloomberg Agency. The new measures require exporters to increase sales of foreign currencies by 30 percent for trading books, with no purchases of those currencies for a month. The Turkish government is forced to take extraordinary measures due to the decline in the value of the country’s cash reserves, in addition to the country’s president, Recep Tayyip Erdogan, to rule out raising interest rates. This caused the lira to lose about 23 percent of its value this year.
On the technical front, the Turkish currency stabilized, falling against the dollar, to the highest levels of 17 during today’s trading, to trade without major changes since yesterday. The pair maintained its trading in a general bullish trend, as the pair 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 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 17.41 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.
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