We expect the lira to decline, targeting 13.70 levels, before resuming its rise against the dollar.
Today’s USD/TRY Signal
Risk 0.50%.
Yesterday’s recommendation sell trade was activated and the deal is currently being traded
Best Buy Entry Points
- Entering a long position with a pending order from 13.49 levels.
- Place your stop-loss point below the 13.30 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 13.69 levels.
- The best points to place the stop loss are above 13.70 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 13.30
The Turkish lira fell slightly against the dollar during yesterday’s trading, and if it stabilized in general, the lira is still trading within the narrow borders, which it has not left for three weeks. Investors followed economic reports that showed a rise in exports in the country during January. Turkey recorded an export volume of $13.12 billion compared to $11.08 billion in the same period last year, with exports rising by 18.4 percent. The automotive, chemical, and steel industry sectors topped industrial exports. On the other hand, investors are watching the market’s reaction to the new mechanism announced by Turkish Finance Minister Nureddin Nabati, this week, which aims to include the gold savings of Turkish citizens in the state’s financial system.
On the technical level, the price of the Turkish lira declined against the dollar during today’s trading, the lira is still stable above the moving averages 50, 100 and 200 on the time frame of the day, the four-hour time frame, as well as the 60-minute time frame. The lira is also trading below the resistance levels that are concentrated at 13.69, 13.77 and 13.84. On the other hand, the lira is trading the highest support levels at 13.50, 13.44 and 13.35, respectively. The lira is also trading above the levels of the ascending trend line on the 60-minute time frame. We expect the lira to decline, targeting 13.70 levels, before resuming its rise against the dollar. Please adhere to the numbers in the recommendation with the need to maintain capital management.
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