The lira records its lowest levels ever against the dollar

Today’s recommendation on the lira against the dollar

  • The risk is 0.50%.
  • The sell trade was activated last week and a profit was exited with the stop loss point being moved to the entry area and half the contracts closed

Best buy entry points

  • Entering a long position with a pending order from 17.11 levels
  • Place a stop loss point to close below the support levels 17.90.
  • 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 of 70 pips and leave the rest of the contracts until the strong resistance levels at 17.40.

Best selling entry points

  • Entering a short position with a pending order from 17.51 ​​levels
  • The best points to place the stop loss are closing the highest levels of 17.64.
  • 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 70 pips and leave the rest of the contracts until the support levels 17.04

Turkish lira analysis

The Turkish lira fell against the US dollar during the past week, as the Turkish lira recorded record levels against the dollar, before rising again, especially with the rise of the dollar against major currencies and emerging market currencies, especially after inflation data in the United States, which showed a higher than expected rise to record higher levels in 41 years. On the other hand, bad data from inside Turkey continued to put pressure on the local currency, especially with the rise in inflation in the country and the refusal of the Turkish government, which controls the central bank, to tighten monetary policy and insisting not to raise the interest rate to keep pace with raising the interest rate of central banks. around the world. The economic conditions in the country are not expected to improve, especially with the high energy bill, which escalated, especially after the Russian invasion of Ukraine.

On a technical level The lira declined against the dollar during last week’s trading. It broke its lowest levels during the current year, to record a new high, before retreating, as the US dollar against the Turkish lira continued its trading above the 50, 100 and 200 moving averages on the daily time frame, as well as on the four-hour time frame and the 60-minute time frame. In reference to the general upward trend of viscous. The pair is also trading the highest support levels, which are concentrated at 17.22 and 17.11 levels, respectively. On the other hand, the lira is trading below the resistance levels at 17.50. At the same time, the pair broke the ascending channel on the four-hour time frame shown on the provided chart. We expect the pair to rise again, especially if it fails to break 17.11 levels. Please adhere to the numbers in the recommendation with the need to maintain capital management.

Chart generated by TradingView

Leave a Comment