We expect the pair to vary as long as it stabilizes within the aforementioned rectangle range.
Today’s recommendation on the lira against the dollar
Risk 0.50%.
None of the buy or sell transactions of yesterday were activated
Best entry points buy
- Entering a long position with a pending order from 14.55 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 15.00.
Best selling entry points
- Entering a short position with a pending order from 14.87 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 continues to trade unchanged since the middle of last week, after recording a series of declines after the Russian invasion of Ukraine. In terms of data, reports from inside Turkey showed a high level of hunger, which is an indicator that shows how much a family of four people must spend in exchange for a balanced diet by about 675 liras, to total about 4900 liras. This exceeds the minimum wage approved by Turkish President Recep Tayyip Erdogan Ok Erdogan over the past month. The main reason for this rise is the inflation number recorded in the country so far, which is close to its highest level in nearly twenty years, which has caused a decline in the purchasing power of citizens. Inflation rose under the influence of a number of factors, the most prominent of which was the depreciation of the lira, which was affected by the policy of the Turkish President, who insists on lowering interest rates.
On the technical front, the Turkish lira settled against the dollar without significant changes for the second week in a row. The pair settled within a narrow range on the 240-minute time frame, which is shown through the rectangle on the chart. However, the pair in general is trading within the general continuous upward trend with the pair stable above the moving averages 50, 100 and 200, respectively, on the daily time frame, the four-hour time frame, and trading between these averages on the 60-minute time frame. The pair is trading the highest levels of support that are concentrated at 14.75 and 14.66 levels, respectively. On the other hand, the lira is trading below the resistance levels of 14.85 and 15.97, respectively. We expect the pair to vary as long as it stabilizes within the aforementioned rectangle range, where the pair targets 14.50 levels in the event of a decline. In the continuation of the rise, 15.26 levels, it represents 61 Fibonacci for the last bearish wave, which started at 20-12-2021 and ended at 23-12-2021. Please adhere to the existing numbers in the recommendation with the need to maintain capital management.
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