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Today’s recommendation on the lira against the dollar
Risk 0.50%.
Yesterday’s sell recommendation was activated, and it is still trading
Best buy entry points
- Entering a long position with a pending order from 15.22 levels
- Set a stop loss point to close the lowest support levels 15.55.
- 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 75 pips and leave the rest of the contracts until the strong resistance levels at 14.85.
Best selling entry points
- Entering a short position with a pending order from 16.00 levels
- The best points for setting the stop loss are closing the highest levels of 16.11.
- 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 15.58
The Turkish lira continued to record more losses against the US dollar, especially during the last week. The Turkish currency lost its stability that lasted for four months with the start of the US Federal Reserve to raise interest rates. Western reports showed that the Turkish government has put pressure on local banks with the aim of limiting the sale of dollars to companies to stem the lira’s decline. Banks require approval from the country’s central bank before transferring corporate hard currency transactions. Analysts believe that the central bank’s current position may contribute to igniting the muffled tension among companies due to the lack of dollars needed for import operations or to pay off corporate debts with foreign banks.
On the technical front, the Turkish lira fell against the dollar during today’s early trading, the pair continued to rise above the moving averages 50, 100 and 200, respectively, on the four-hour time frame as well as on the 60-minute time frame. The pair is also trading the highest support levels, which are concentrated at 15.20 and 15.00, respectively. On the other hand, the lira is trading below the resistance levels at 15.38 and 15.50. The pair is currently trading around 15.29 levels, which represents the 61 Fibonacci level of the descending wave that recorded its top on 12-12-2021 and recorded its bottom on 12-23-2021. If the pound’s current decline continues, the way is open to reach 16.63 levels, which it recorded at the end of last year, as it is the first major resistance level. Please adhere to the numbers in the recommendation with the need to maintain capital management.
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