Today’s recommendation on the lira against the dollar
None of the buy or sell trades of the recommendation were activated yesterday
Best selling entry points
Entering a short position with a pending order from 16.40 levelsSet a stop loss point to close the lowest support levels 16.66.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 55 pips and leave the rest of the contracts until the strong resistance levels at 16.00.
Best entry points buy
Entering a long position with a pending order from 15.99 levelsThe best points for setting stop-loss are closing the highest levels of 15.78.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 55 pips and leave the rest of the contracts until the support levels 16.60
The Turkish lira continued its losses to become the worst performing currency during the current year. Investors are awaiting the Turkish Central Bank’s decision on interest rates today. No changes are expected to the monetary policy of the bank, which is under the effective control of Turkish President Recep Tayyip Erdogan. The bank has fixed the interest rate since last September, following a series of interest rate cuts that continued over several months. The Turkish Central Bank is going against the assumption of raising the interest rate to control the high inflation rate. During bad economic data that the country is suffering from, the lira is not expected to witness any improvement against the dollar, especially with the decline in the actual monetary reserves of foreign currencies owned by the Central Bank of Turkey.
On the technical front, the Turkish lira fell slightly against the dollar during today’s trading, as the lira reached the main resistance levels recorded at the end of last year’s trading. The pair also rose above the moving averages 50, 100 and 200, respectively, on the four-hour time frame as well as on the 60-minute time frame. The pair is trading the highest 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 17.11 and 18.39. We expect the lira to continue to decline, especially if the pair closed above the 16.40 resistance levels. Please adhere to the numbers in the recommendation with the need to maintain capital management.