TRY/USD Forecast: The Lira is Settling Near its Lowest Level Ever – 14 March 2023
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.
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 level at 19.00.Entering a sell order pending order from the 19.50 level.The best points to place a stop loss close at the 19.65 level. 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 19.05.
The TRY/USD declined slightly, as the pair traded near its highest levels ever. investors followed reports showing that the size of the trade deficit in Turkey had risen to unprecedented levels, reaching nearly $10 billion at a time when energy import prices rose while Erdogan’s policy of increasing exports by devaluing the currency. It may help reduce the cost of the manufacturing process, did not work. Turkey is facing several crises at a crucial time for the ruling party and the president who has been ruling Turkey from various positions in a period of more than 20 years.
With the approach of the crucial elections, which are only two months away from now, Turkey is facing a decline in the volume of foreign exchange reserves, which was severely affected by the aftershocks of the devastating earthquake that struck the southwest of the country during the past month, which left thousands of victims and losses exceeding 35 billion dollars. At the same time, the lira continues to record levels of decline, despite the efforts of the country’s central bank, which seeks to maintain the stability of the Turkish currency, in conjunction with low inflation below analysts’ expectations, with the high cost of living for Turkish families.
On the technical front, the trading of the USD/TRY varied slightly during the day’s early trading, as the pair traded near its all-time high. It hit the 19.04 level, and as the pair maintained the general bullish trend at the same time, the pair continued trading within the bullish channel levels.
On the daily timeframe, the pair is 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 TRY/USD represents an opportunity to buy back again. Please adhere to the numbers in the recommendation, while maintaining capital management.