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We expect the lira’s decline to continue.
Today’s recommendation on the lira against the dollar
Risk 0.50%.
The sale transaction has been completed and is still being traded
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 buy entry points
- Entering a buy 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 has stabilized as investors follow the efforts of the Turkish government to maintain the stability of the local currency. The Treasury is heading to launch a program that is expected to be implemented at the beginning of next month. This allows investors abroad to benefit from a swap plan that allows the purchase of local assets with maturities of at least three to six months. The plan comes as part of the government’s efforts to attract foreign investors away from the restrictions on short selling the lira, which the country suffered during 2008. In another plan that the Turkish Central Bank may put forward, it states the possibility of offering financing to foreigners in the Turkish currency without interest in return for a return of up to 4 percent on the dollar
On the technical front, the Turkish lira stabilized against the US dollar, as it traded within a narrow range, which is shown on the chart. Between levels of 17.19 and 17.33 pounds. The pair maintained the general upward trend, with the pair trading the highest support levels, which are concentrated at 17.00 and 16.80 levels, respectively. The pair also continued trading above the 50, 100 and 200 moving averages, respectively, on the four-hour time frame, while the price traded between the same averages on the 60-minute time frame, indicating a divergence in the short term. At the same time, the lira is trading below the resistance levels at 17.40 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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