USD/TRY Forex Signal: Lira is Relatively Stable

We expect the price to rise from the current levels or the closest levels of support.

Today’s recommendation on the lira against the dollar

Risk 0.50%.

None of the buy or sell trades of the recommendation were activated yesterday

Best selling entry points

• Entering a short position with a pending order from levels 17.45
• 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 16.63 levels
• The best points for setting the stop loss are closing the highest levels of 16.28.
• 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 16.99

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The lira fell in the day’s trading after two days of recording strong gains, investors followed the statements of Turkish President Recep Tayyip Erdogan during yesterday, Monday, in which he promised that the country will try to reduce the spiraling inflation to “reasonable” levels by February or March 2023. He also called Erdogan Turkish citizens to “more patience” during these fluctuations in price changes. “Despite the stability of the system, it is clear that we will bear the burden of inflation for some time,” the president of Turkey emphasized. Erdogan stated that the extra budget proposal is currently under discussion in the Turkish Grand National Assembly, as “the discrepancy caused by high inflation in income and expenditure figures revealed the need for “. Analysts believe that the Turkish president’s statements aim to add some stability to the price of the lira, which has compensated part of its losses during the current year

On the technical front, the Turkish lira fell against the US dollar, as the pair returned to the general upward trend, with the pair trading above the support levels that are concentrated at 16.40 and 16.00 levels, respectively. At the same time, the lira is trading below the resistance levels at 16.77 and 17.10, respectively. The pair also traded below the moving averages 50, 100 and 200, respectively, on the four-hour time frame as well as on the 60-minute time frame, indicating a decline in the medium term. The pair bounced from the moving average 50 on the daily time frame. At the same time, the pair bounced from strong support levels represented in the 50 Fibonacci levels on the ascending wave that started from 05-03-2022 until the top recorded on 06-21-2022. We expect the price to rise from the current levels or the closest levels of support shown through the recommendation numbers. Please adhere to the numbers in the recommendation with the need to maintain capital management.