USD/TRY Forex Signal: Lira Continued its Losses – 08 March 2022
We expect the lira to decline until the mentioned resistance levels, and then it may witness some rises.
Today’s recommendation on the lira against the dollar
– Risk 0.50%.
– The sell trade of the recommendation was activated yesterday, and the deal is still in circulation
Best entry points buy
Entering a long position with a pending order from 14.15 levelsPlace your stop-loss point below the 14.00 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 14.79.
Best selling entry points
Entering a short position with a pending order from 14.65 levels.The best points to place the stop loss are above 14.79 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 13.70
The Turkish lira continued its losses against the dollar during early trading on Tuesday, as investors increased their appetite for safe haven currencies such as the dollar at the expense of the currencies of emerging economies. As investors tended to safe havens in general, with gold recording record levels against the dollar, gold also rose to its highest levels against the euro at all. With the end of talks between Ukraine and Russia with a temporary ceasefire agreement, and agreement on safe corridors for the crossing of civilians. On the other hand, sanctions against Russia continued by the European Union, the United States, and its allies, which focused on the country’s economic sector. On the data front, local data were released that showed an increase in the volume of Istanbul’s exports by 27 percent during the first two months of this year, compared to January and February of last year. The volume of exports recorded nearly 15 billion dollars.
On the technical front, the Turkish lira continued its losses against the US dollar, as the pair traded in a general bullish trend above the moving averages 50, 100 and 200, respectively, on the four-hour and daily time frames, as well as on the 60-minute time frame. The first resistance that the pair might face is 14.52 and 14.65, and finally 15.26, which represents the 61 Fibonacci levels for the last downside wave, which started at 12-20-2021 and ended at 23-12-2021, respectively. On the other hand, the pair is trading the highest levels of support, which is concentrated at 14.35 and 14.25 levels, respectively. We expect the lira to decline until 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.