TRY/USD Forecast: Continues to Record Losses Against the US dollar – 13 March 2023
On the technical front, the trading of the USD/TRY declined slightly during today’s early trading, as the pair broke its all-time high, hitting the 19.04 level, as the pair maintained the general bullish trend at the same time.
The risk is 0.50%.
Entering a buy order pending order from the 18.90 level.Place a stop loss point to close below the support level at 18.65.Move the stop loss to the entry area and follow the profit when the price moves by 50 pips.Close half of the contracts with a profit equal to 70 pips and leave the rest of the contracts until the strong resistance levels at 19.00.Entering a sell order pending order from the 19.10 level.The best points to place a stop loss close to the highest level of 19.15.Move the stop loss to the entry area and follow the profit when the price moves by 50 pips.Close half of the contracts with a profit equal to 70 pips and leave the rest of the contracts until the support level at 18.75.
The TRY/USD declined during today’s early trading, as the pair recorded new highs for the second day in a row, to drop the lira to its lowest levels ever against the US dollar. The foreign exchange reserves of the Turkish Central Bank were severely affected after the devastating earthquake that struck the southwest of the country at the beginning of last month, despite the support of the Kingdom of Saudi Arabia to the monetary reserves of the Central Bank by about $5 billion, but the lira maintained its slow decline.
The Central Bank is trying to maintain support for the lira by injecting foreign currencies into the markets, as well as adopting some measures that would reduce the demand for the dollar. In terms of data, the Statistics Office issued data on retail sales in the country, which recorded an increase on an annual basis, to record 33.9% in February, compared to 21.8%, which was recorded in the same month of the previous year. On a monthly basis, retail sales increased, to record 5.4% in February. Compared to 4.8% in January. Experts expect the lira to continue to decline slowly until the ruling party succeeds in passing the fateful elections expected during the month of May.
On the technical front, the trading of the USD/TRY declined slightly during today’s early trading, as the pair broke its all-time high, hitting the 19.04 level, as the pair maintained the general bullish trend at the same time. The pair continued trading within the levels of the bullish channel on the time frame of the day, it is also trading inside a smaller price channel on the four-hour timeframe.
With the pair’s upward movement continuing at a slow pace, the dollar against the pound is trading above the support levels of 18.90, 18.80, and 18.70, respectively. The pair is also trading below the resistance level at 19.04, which represents the highest price for the pair ever, and the pair is also trading below the psychological resistance level at 19.50.
The USD/TRY is trading above the moving averages 50, 100, and 200 on the daily time frame, in a sign of the general bullish trend on the large time frame, while the price is trading between these averages on the 60-minute time frame, in a sign of the slow movement of the pair. Any fall of the USD/TRY represents an opportunity to buy back again. Please adhere to the numbers in the recommendation, while maintaining capital management.