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USD/TRY Forex Signal: Continues to Free Fall – 24 May 2022

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Today’s recommendation on the lira against the dollar

Risk 0.50%.

The sell trade on the recommendation was activated yesterday, and it reached the stop loss point

Best entry points buy

Entering a long position with a pending order from 16.00 . levelsSet a stop-loss point to close the lowest support levels 15.85.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 16.85.

Best selling entry points

Entering a short position with a pending order from levels 15.00The best points for setting stop-loss are closing the highest levels of 15.11.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 14.58

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The Turkish lira’s trading collapsed against the US dollar after a report issued by the Central Bank of Turkey, which showed poor expectations for inflation and the price of the lira by the end of this year. Updates issued by the Central Bank of Turkey showed a decline in inflation from the current rate of 70 percent, to record levels of 57.92 percent. The bank also revised its previous forecast for the price of the lira against the dollar, as it showed a greater decline for the lira by the end of the year, to record 17.57, compared to previous expectations that showed the lira’s stability at 16.85 levels. The new expectations seem more realistic for what is happening in the market, especially with the Turkish Central Bank’s adherence to a stimulus monetary policy while refusing to raise interest rates. The Turkish Central Bank also faces an obstacle represented in the exhaustion of available solutions to control the falling lira rate, especially with the return of the real cash reserve with the bank.

On the technical front, the Turkish lira continues to decline strongly against the dollar, as the lira prices breached the levels of psychological resistance that is concentrated at 16.00 levels. The pair is also trading above the moving averages 50, 100 and 200, respectively, on the four-hour time frame as well as on the 60-minute time frame. At the same time, the pair is trading above the support levels that are concentrated at 16.00 and 15.85 levels, respectively. On the other hand, the lira is trading below the resistance levels at 16.40 and 17.00. As the pair’s upward momentum continues, the way seems open for the lira to reach 16.63 levels, which it recorded at the end of last year, as it is the first major resistance level before continuing to rise. Please adhere to the numbers in the recommendation with the need to maintain capital management.

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