On the technical front, without much change, the US dollar pair traded against the Turkish lira stable during today’s early trading.
Today’s recommendation on the TRY/USD
Best buying entry points
Entering a long position with a pending order from levels of 18.50Set a stop-loss point to close below the 18.35 support levels.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 of 70 pips and leave the rest of the contracts until the strong resistance levels at 18.99.
Best-selling entry points
Entering a short position with a pending order from levels of 18.99The best points for setting stop-loss are closing the highest levels of 19.15.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 70 pips and leave the rest of the contracts until the 18.55 support levels.
The price of the TRY/USD stabilized during early trading today, investors are awaiting the interest rate decision from the US Federal Reserve. The Fed is expected to raise the interest rate by 75 basis points, which the markets have already priced. Investors focus on the subsequent statements on the decision to raise interest rates to indicate the extent of the continuation of the monetary tightening policy or not. The US Federal Reserve member, Mary Daly, had stated earlier last October, the possibility of thinking about the Federal Reserve slowing the pace of raising the interest rate, which may be reflected in the rises The US dollar against currencies in general.
On the other hand, the Central Bank of Turkey adheres to a stimulus fiscal policy while continuing to reduce the interest rate, which contributes to the weakness of the Turkish lira. The interest rate differential appears in favor of the US dollar although there were no significant changes in the pair’s price thanks to a court intervention from the Turkish Central Bank to control the lira’s decline.
On the technical front, without much change, the US dollar pair traded against the Turkish lira stable during today’s early trading. This happened after the pair fell sharply yesterday to 18.44 levels, before returning and stabilizing at the current averages. The pair has continued to vary within a limited range that has been going on since the beginning of last month. It is trading the highest levels of support, which are concentrated at levels of 18.51 and 18.42, respectively.
On the other hand, the lira is trading below the psychological resistance levels at the correct number based at 19.00. In the meantime, the pair is trading above the 50, 100 and 200 moving averages on the time frame for the day, indicating the general bullish trend, while the pair is trading between these averages on the four-hour time frame . Also on the 60-minute time frame, which shows the extent of volatility and trading in the narrow range that the pair is recording. Any drop for the pair represents an opportunity to buy back again with the aim of reaching the previous high recorded during the past year. Please adhere to the numbers in the recommendation with the need to maintain capital management.