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Any drop in the pair represents an opportunity to buy back again.
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Today’s recommendation on the TRY/USD
Risk 0.50%.
Best buying entry points
- Entering a long position with a pending order from levels of 18.50
- Set a stop-loss point to close below the 18.25 support level.
- 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 of 70 pips and leave the rest of the contracts until the strong resistance levels at 18.99.
Best-selling entry points
- Entering a short position with a pending order from levels of 18.99
- The best points for setting stop-loss are closing the highest level of 19.15.
- 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 70 pips and leave the rest of the contracts until the 18.55 support level.
The price of the TRY/USD has stabilized, in complete disregard of the economic data that affects the movement of the two currencies. The Turkish Central Bank works to maintain the price of the lira at current levels by following measures that limit the decline of the Turkish currency or by direct intervention. They’re pumping the dollar into the markets to prevent the fall of the lira, which has lost nearly 28 percent this year.
In this regard, the International Monetary Fund issued a statement last Friday, which called for tightening monetary policy and giving the central bank independence away from the control of the executive. While tightening monetary policy may help reduce inflation, it is the opposite of what the Turkish president promotes. He has fired three central bank managers since 2018 to implement his fiscal and monetary policy.
TRY/USD Technical Analysis
On the technical front, the Turkish lira has maintained trading within a narrow range that has been going on for several weeks, being stable for about a month and a half, as it witnessed slight movements with the pair’s stability within the rectangle range shown through the attached chart.
The pair is trading the highest levels of support, which are concentrated at levels of 18.42 and 18.40, respectively. On the other hand, the lira is trading below the 19.00 psychological resistance levels. The pair continued trading above the 50, 100 and 200 moving averages on the daily time frame, while the price is trading between these averages on the four-hour time frame as well as on the 50-minute time frame. This indicated the divergence that the pair was recording now. Any drop in the pair represents an opportunity to buy back again. Please adhere to the numbers in the recommendation with the need to maintain capital management.
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