We expect the lira to decline to the mentioned resistance levels.
Today’s recommendation on the lira against the dollar
– Risk 0.50%.
– The sell trade of the recommendation was activated yesterday, and a profit was exited with moving the stop loss point and closing half of the contracts
Best buy entry points
- Entering a long position with a pending order from 14.65 levels
- Place your stop-loss point below the 14.40 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 15.25 levels.
- The best points to place the stop loss are above 15.49 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 lira continued its decline against the dollar for the eighth consecutive day, as investors turned away from the currencies of emerging economies in favor of gold, the safe haven currencies. Even as gold fell on Wednesday, investors skewed in favor of riskier assets such as the stock markets, which posted a significant recovery. A state of uncertainty prevailed amid the continuing war in Ukraine, while awaiting the results of the talks of the foreign ministers of Russia and Ukraine, which are being held today under the auspices of Turkey. Analysts believe that if the conflict continues, investors’ capital will continue to flee towards safe havens, away from the lira and the currencies of emerging economies. On the data front, morning reports revealed the growth of real estate sales in the country during January and February of this year. Istanbul topped the cities that witnessed the largest amount of real estate sold, followed by Ankara, Izmir and finally, Antalya. Where 416,784 properties were sold.
On the technical front, the dollar against the lira pair maintained its trading in the general bullish trend above the moving averages 50, 100 and 200, respectively, on all time frames, starting from the 60-minute time frame from the four hours and on the daily. The lira recorded more losses, especially after breaking the levels of the previous peak recorded on February 24, at levels of 14.65. It seems that it 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. This represents the 61 Fibonacci levels for the last downside wave, which started at 12-2021 and ended at 23-12-2021, respectively. On the other hand, the pair is trading at the highest levels of support, which is concentrated at 14.65 and 14.42 levels, respectively. We expect the lira to decline to the mentioned resistance levels, and then it may witness some rises. Please adhere to the numbers in the recommendation with the need to maintain capital management.
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