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USD/TRY Forex Signal: Lira Continues to Decline after Inflation Data – 05 April 2022

Today’s recommendation on the lira against the dollar

– Risk 0.50%.

– None of the buy or sell trades of yesterday’s recommendations were activated.

Best entry points buy

Entering a long position with a pending order from 14.51 levels

– Set a stop loss point to close the lowest support levels 14.36.

– 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 15.00.

Best selling entry points

Entering a short position with a pending order from 14.77 levels.

– The best points for setting the stop loss are closing the highest levels of 14.98.

– 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 14.40

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The Turkish lira fell during the early trading of Tuesday, as investors are still awaiting the market’s reaction after the inflation data released yesterday, which recorded its highest level in 20 years after recording 61 percent. At the same time, preliminary data released by the Commerce Department on Monday showed that the trade deficit rose to $8.24 billion in March, due to rising global energy import prices. The quarterly deficit was $26.4 billion, up 138% from the same period last year. The effects of the war in Ukraine will continue to cast a shadow over the government’s plans to record a current account surplus, which may increase pressure on the Turkish lira.

On the technical level, the Turkish lira’s trading declined against the dollar during the early trading, to limit the lira’s trading against the dollar within a narrow trading range between 14.51 and 14.77. The pair varied around the 50, 100 and 200 moving averages, respectively, on the four-hour time frame, as well as the 60-minute time frame. The pair is also trading the highest support levels, which are concentrated at 14.64 and 14.55 levels, respectively. On the other hand, the lira is trading below the resistance levels at 14.76 and 14.85, respectively. We expect the pair to rise until the resistance levels at 14.77 as well as 14.85 before the lira records some gains again. Please adhere to the numbers in the recommendation with the need to maintain capital management.

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