USD/TRY Forex Signal: Account Deficit Declined in August – 11 October 2022

Today’s recommendation on the lira against the dollar

Risk 0.50%.

Best buying 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 18.99.The 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 Turkish lira recorded slight declines during the early trading, reaching its lowest level ever, despite the positive data for the second day in a row. Today, Tuesday, the Turkish Central Bank issued a decline in the country’s current account deficit during the month of August. According to the data, the current account deficit recorded 3.11 billion dollars, compared to a trade deficit during July, which amounted to about 4.01 billion dollars.

The 12-month continuous deficit rose to $40.89 billion. It seems that the positive numbers have no effect on the movement of the lira, which continues to decline. This is due to the negative impact of the monetary policy pursued by the Turkish Central Bank on the economy, as Turkish President Recep Tayyip Erdogan, who effectively controls the Turkish Central Bank and his decisions that his country will continue to reduce the interest rate – unlike the conduct of most central banks – has reiterated amid promises and reassurances that close Reversal of inflation levels in the country by the end of this year and the beginning of 2023.

USD/TRY Technical Analysis

On the technical level, the price of the Turkish lira has stabilized unchanged against the dollar, recording slight declines against the American currency. The pair broke the record levels recorded during last week’s trading, after the US dollar rose against the Turkish lira at its highest level ever, recording levels of 18.66. In the meantime, the pair is trading above the 50, 100 and 200 moving averages on the daily time frame, as well as on the four-hour time frame, maintaining the bullish trend. The pair is also trading the highest levels of support, which are concentrated at levels of 18.55 and 18.40, respectively. On the other hand, the lira is trading below the resistance levels at 18.99. 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.

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