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We expect the lira’s decline to continue.
Today’s recommendation on the lira against the dollar
Risk 0.50%.
None of the buying or selling transactions of yesterday were activated.
Best selling entry points
- Entering a sell position with a pending order from 17.41 levels
- 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 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 lira continued to stabilize against the dollar, as weak and mixed movements showed the central Turkish control over the lira’s movements through direct or indirect interventions. The lira stabilized throughout last week’s trading, despite the US interest rate hike, which raised the price of the US dollar against the major currencies and the currencies of emerging economies. This comes at a time when Turkey is experiencing its worst economic crisis in twenty years. The inflation rate continues to rise strongly, reaching 73.5%. The Central Bank also maintained the stability of raising interest rates, despite raising interest rates around the world. The lira lost about 20% of its value after losing 40% over the past year. Meanwhile, the Turkish Finance Minister said that Turkey will give up 241 billion lira in tax revenues in an attempt to control inflation.
On the technical front, the Turkish currency has traded unchanged, to continue the divergence since last week. The pair traded within a narrow range, which is shown on the chart. The pair maintained its trading in a general bullish trend above the level of 17 pounds, with the pair trading the highest levels of support, which are concentrated at levels of 17.00 and 16.80, 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. 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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