USD/TRY Forex Signal: Lira Stable, Narrow Trading Range
Today’s recommendation on the lira against the dollar
None of the buy or sell transactions of yesterday were activated
Best entry points buy
Entering a long position with a pending order from 14.55 levelsSet 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 14.87 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
The Turkish lira stabilized against the US dollar without significant changes from yesterday’s trading, during trading on Thursday. Analysts believe that the current price will be the new average price of the Turkish lira, which recorded declines compared to the average that settled on it during the first two months of this year. The lira came under pressure due to the war in Ukraine, with investors rushing safe haven currencies, especially the dollar, at the expense of the currencies of emerging economies. In addition to the Federal Reserve’s tendency to raise the interest rate during the current month, with the expectation of continuous increases throughout the current year, which may add greater rises to the dollar price at the expense of the Turkish lira.
On the technical front, the Turkish lira settled against the dollar without significant changes for the second day in a row, as the pair settled within a narrow range on the 60-minute time frame shown through the rectangle on the chart. However, the pair in general is trading within the general continuous upward trend, with the pair stabilizing above the moving averages 50, 100 and 200, respectively, on the daily time frame and the four-hour time frame. The pair also bounced from the moving average 50 on the 60-minute time frame. The pair is trading the highest support levels, which are concentrated at 14.75 and 14.66 levels, respectively. On the other hand, the lira is trading below the resistance levels of 14.85 and 15.97, respectively. We expect the pair to vary if it stabilizes within the rectangle range, where the pair targets 14.50 levels in the event of a decline. In the continuation of the rise of 15.26 levels, it represents 61 Fibonacci for the last bearish wave, and started at 20-12-2021 and ended at 23-12-2021. Please adhere to the existing numbers in the recommendation with the need to maintain capital management.