USD/TRY Forex Signal: Lira Falls Against Dollar

Today’s recommendation on the lira against the dollar

Risk 0.50%.

None of the buying or selling transactions were activated yesterday, Wednesday

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

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Analysis of the Turkish Lira

The Turkish lira fell against the dollar during trading yesterday, Wednesday, after the country’s inflation data released yesterday, the number rose by 2.37%. It recorded 79.6% during the month of July. The interventions of the Central Bank of Turkey are clear, as the dollar crossed the levels of 18 lira for a while before falling again to levels of 17.90, the same levels that the pair has been trading at about two weeks ago. Despite the intervention of the Central Bank of Turkey, the impact of these interventions is limited. This is especially with the reduction of solutions available to the bank’s board of directors in light of adhering to an incentive policy that refuses to raise the interest rate to keep pace with other central banks around the world. This increases the pressure on the price of the lira.

Turkish Lira Technical Forecast

The Turkish lira fell against the US dollar, as it recorded a new high at 18.07 levels, the highest level for the dollar against the lira this year. In general, the pair’s movement continued with the same trading pattern as the pair since last week. Where 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. The pair is also based on the rising trend line on the four-hour time frame shown on the chart, at the same time the pair is trading the highest support levels that 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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