We expect the lira to decline as long as it continues inside the ascending channel.
Today’s USD/TRY Signal
Risk 0.50%.
Yesterday’s sell trade was activated and a profit was exited after closing half of the contracts and moving the stop loss point
Best buy entry points
Entering a long position with a pending order from 13.32 levels.
Place your stop-loss point below the 13.18 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 13.87 levels.
- The best points to place the stop loss above 13.99 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 13.60
The Turkish lira witnessed mixed movements during early trading on Wednesday, as it fell against the dollar yesterday, before regaining some of its losses today. On the level of economic data, the data revealed today that the country achieved a record for the flow of foreign direct investment during the past year, as the percentage rose by about 81 percent, reaching about 14 billion dollars. This is the highest rate in five years. In other news, data revealed an increase in the number of defaulters on repaying bank loans (personal – commercial) to reach about one million seven hundred thousand people, and the judicial authorities began to pursue them. Analysts attributed the high number of defaulters due to the economic recession and the closure that took place during 2020 due to the Corona pandemic.
On the technical front, the price of the Turkish lira varied against the dollar during today’s trading. The USD/TRY is trading within an ascending channel on the four-hour time frame shown on the chart. The pair is also trading above the 50, 100 and 200 moving averages, respectively, on the daily time frame, the four-hour time frame, while the price overlaps the moving averages on the 60-minute time frame. The lira is trading the highest support levels at 13.61 and 13.51, respectively. On the other hand, the lira is trading below the resistance levels that are concentrated at 13.83 and 13.93, respectively. We expect the lira to decline as long as it continues inside the ascending channel, as it targets the mentioned resistance 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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