TRY/USD Forecast: Turkish Gross Domestic Product Increases – 28 February 2023
On the technical level, trading of the USD/TRY stabilized during today’s early trading, after the Turkish currency recorded new record levels of decline against the dollar during the current week when it touched the 18.96 level.
The risk is 0.50%.
Entering a buy order pending order from the 18.80 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 19.00 level.The best points to place a stop loss close 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 stabilized during early trading on Tuesday morning. Data was released today revealing that the country’s gross domestic product (GDP) recorded growth over the past year that exceeded expectations, despite the slowdown in growth during the last quarter of the year. The country’s official statistics office revealed that the gross domestic product increased by 5.6%, recording 4.801 trillion pounds, according to current prices in the country during the last quarter of the year. The data also revealed that the GDP slowed down during the fourth quarter, recording 3.5%.
Turkey witnessed good data for the whole of the past year despite the high inflation and stimulus monetary policy of the Turkish Central Bank, according to which it cut the interest rate during last week’s meeting by 50 basis points.
In other news, reports revealed the tendency of the Turkish Sovereign Fund to inject cash into stock markets through exchange-traded funds, with the aim of maintaining the recovery recorded in the wake of the reopening after a period of closure in the wake of the earthquake that struck the country early this month.
On the technical level, trading of the USD/TRY stabilized during today’s early trading, after the Turkish currency recorded new record levels of decline against the dollar during the current week when it touched the 18.96 level. At the same time, the pair continued to trade within the levels of the ascending channel in today’s time frame, with the pair’s bullish movement continuing at a slow pace. The pair is also trading inside a smaller price channel on the four-hour timeframe.
The USD/TRY is trading above the support levels of 18.79, 18.70, and 18.63, respectively. The pair is also trading below the resistance level at 18.96, which represents the highest price for the pair ever, and the pair is also trading below the psychological resistance level at 19.00.
The dollar 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 four-hour time frame, in a sign of the slow movement of the pair. Any fall of the dollar against the lira represents an opportunity to buy back again. Please adhere to the numbers in the recommendation, while maintaining capital management.