USD/TRY Forex Signal: Lira Records Lowest Level – 09 March 2022
We expect the lira to rise from 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
– Activate the stop loss for last Monday’s short position
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 lira continued to decline against the dollar amid the acceleration of geopolitical events, as the US President announced a ban on Russian oil imports. This news contributed to increasing volatility in global markets. While Western countries are accelerating to impose sanctions on Russia, the United Kingdom joined the US decision and announced that it would stop importing Russian oil by the end of this year. However, the situation in Turkey was different, as the government announced the continuation of buying Russian oil, as the country relies on Russia as a main energy supplier, with its reliance on Russia to meet its needs of oil by 17 percent and natural gas by 45 percent. The Turkish government does not have much room to follow the American approach to ban Russian imports due to the high prices locally, which raised the expected inflation rate, which may increase the suffering of the local currency.
On the technical level, the lira recorded its lowest level in two weeks against the dollar, as the Turkish lira continued its losses. The dollar against the lira traded in a general bullish trend above the moving averages 50, 100 and 200, respectively, on all time frames, starting from the 60-minute timeframe of the four hours and on the daily. The pair is currently trading at the resistance levels on the time frame for today at 14.65, which is the high recorded on February 24th. The pair is also trading below the resistance levels that are centered at 15.26, which represents the 61 Fibonacci levels of the last downside wave, which started at 20-12-2021 and ended at 23-12-2021, respectively. On the other hand, the pair is trading the highest levels of support, which is concentrated at 14.42 and 14.35 levels, respectively. We expect the lira to rise from the mentioned resistance levels, and then it may witness some rises, especially if the pair manages to close the highest levels of the current resistance. Please adhere to the numbers in the recommendation with the need to maintain capital management.