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We expect the lira to decline after retesting the broken descending trend line during the end of last week.
Today’s recommendation on the lira against the dollar
Risk 0.50%.
None of the buying or selling deals took place in the past week
Best buy entry points
- Entering a long position with a pending order from 14.62 . levels
- Set a stop loss point to close the lowest support levels 14.46.
- 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 14.85.
Best selling entry points
- Entering a short position with a pending order from 14.86 . 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 fell against the dollar at the opening of the weekly trading, although trading remained in a narrow range. Investors followed reports on the Turkish government’s tendency to launch a 500-lira banknote, in addition to a 5-lira coin. Reports indicate the government’s inability to keep pace with the rise in inflation, which reached record levels, as it recorded 61 percent, and the decline of the lira, which has lost about half of its value since late last year. The expected steps are a reflection of the functioning of the Justice and Development government, which previously adjusted the price of the lira with the economic recovery that Turkey recorded during the party’s rule during the first ten years of this century.
On the technical front, the Turkish lira fell slightly against the dollar with the opening of trading, although the pair remained trading within a narrow trading range, which is evident on the chart. The pair breached the descending trend line on the 240-minute time frame, which is shown on the chart. The pair also rose around the moving averages 50, 100 and 200, respectively, on the four-hour time frame as well as on the 60-minute time frame. The pair is trading the highest support levels that are concentrated at 14.60 and 14.45 levels, respectively. On the other hand, the lira is trading below the resistance levels at 14.68 and 14.75, respectively. We expect the lira to decline after retesting the broken descending trend line during the end of last week. Please adhere to the numbers in the recommendation with the need to maintain capital management.
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