We expect the pair to continue rising with the price remaining above the mentioned trend line.
Today’s recommendation on the lira against the dollar
Risk 0.50%.
The buy trade of the recommendation was activated on Thursday. A profit was exited with moving the stop loss point and closing half of the contracts
Best entry points buy
- Entering a buy position with a direct order from the current levels 14.79
- Place your stop-loss point below the 14.46 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 15.00.
Best selling entry points
- Entering a short position with a pending order from 15.05 levels.
- The best points to place the stop loss are above 15.20 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 14.70
The Turkish lira stabilized during the early trading on Tuesday, as it did not witness significant changes from yesterday’s trading. Investors are awaiting data from the Turkish Central Bank on the country’s interest rate next Thursday, as most expectations show a tendency to stabilize the interest rate due to the high inflation that the country is recording. In terms of economic data, the general budget data released this morning revealed a surplus recorded during the month of January of about 30 billion pounds, compared to a deficit in the previous month. The budget also recorded a surplus during the month of February, amounting to about 70 billion pounds.
The dollar against the pound maintained its trading in the general upward trend, even though the momentum of the upward movement has declined. The pair is still trading above the moving averages 50, 100 and 200, respectively, on all time frames, starting from the 60-minute time frame, to the four hours and to the daily. The pair is also based on the rising trend line on the four-hour time frame, shown on the provided chart. The pair is trading the highest support levels, which are concentrated at 14.65 and 14.55 levels, respectively. On the other hand, the lira is trading below the resistance levels of 14.90 and 15.00, respectively. It seems that the way is open for the dollar to record more gains against the lira, as the pair targets from the resistance levels that are centered at 15.26. It represents the 61 Fibonacci levels for the last downside wave, which started at 12-2021 and ended at 23-12-2021, respectively. We expect the pair to continue rising with the price remaining above the mentioned trend line. Please adhere to the numbers in the recommendation with the need to maintain capital management.
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