Lira Declines After Bank Statement

We expect the price of the lira to decline after it retested the breached trend line.

Today’s USD/TRY Signal

Risk 0.50%.

None of the buy or sell transactions for yesterday were activated

Best buy entry points

• Entering a long position with a pending order from 13.30 levels.
• Place your stop-loss point below the 13.06 support levels.
• 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 13.79.

Best selling entry points

• Entering a short position with a pending order from 13.57 levels.
• The best points to place the stop loss are above 13.79 levels.
• 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 13.28

The bank will cover any losses that may be incurred by depositors due to the rise in the price of the dollar. Through this statement, the bank aims to encourage local depositors to convert their savings and deposits into Turkish lira. In the meantime, analysts insisted that the country’s monetary policy is not managed properly, especially after the head of the country’s statistics authority submitted their resignation, or, as some reports published, they were dismissed. This is due to differences with the administration of the Turkish president of the country.

The price of the Turkish lira declined against the dollar during yesterday’s trading, and today’s early trading, after the lira rebounded from the support levels located at 13.32. The lira is still trading the highest levels of support centered at 13.30 13.19 and 13.08. On the other hand, the lira is trading less than the resistance levels that are concentrated at 13.51, 13.65 and 1375, respectively. Meanwhile, the lira breached the descending trend line levels on the 40-minute time frame. The lira is still trading in a limited range, as it returned to trade up and down around the moving averages 50, 100 and 200, on the four-hour time frame, as well as the 60-minute time frame. We expect the price of the lira to decline after it retested the breached trend line. Please adhere to the numbers in the recommendation with the need to maintain capital management.