USD/TRY Forex Signal: Lira Declines Against Dollar – 07 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 on Thursday. A profit was exited with moving the stop loss point and closing half the contracts with the price moving towards the target
Best entry points buy
Entering a long position with a pending order from levels of 13.65Place your stop-loss point below the 13.33 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 14.29.
Best selling entry points
Entering a short position with a pending order from 14.35 levels.The best points to place the stop loss are above 14.59 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 fell against the dollar during today’s early trading, as investors tended to safe havens, with gold rising to its highest level since August 2020. The dollar also rose against major currencies and currencies of emerging economies, with the increase in geopolitical tensions due to Russian military moves in Ukraine. In this context, the United States, the European Union, and the United Kingdom threatened to study a ban on imports of Russian oil, raising the uncertainty and prompting investors to hedge in safe havens. Meanwhile, fuel prices in Turkey saw huge hikes over the weekend, with oil at multi-year highs.
On the technical front, the Turkish lira continued its losses against the dollar, to trade the highest levels of psychological resistance at 14 liras. The pair is also trading above the 50, 100 and 200 moving averages, respectively, on the four-hour and daily time frames. The first resistance that the pair might face is 14.34 levels, which represent the 50 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 14.02 and 14.15 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.