September 28, 2022
  • September 28, 2022

Read at the lowest level currently

By on May 12, 2022 0

Recommendation of the day on the lira against the dollar

Risk 0.50%.

Yesterday’s sell recommendation has been activated and it is still trading

Best buy entry points

  • Enter a long position with a pending order from levels 15.22
  • Set a stop loss point to close the lowest support levels 15.55.
  • Move the stop loss to the entry zone and continue profiting when the price moves 50 pips.
  • Close half of the contracts with a profit equal to 75 pips and leave the rest of the contracts up to the high resistance levels at 14.85.

Best Selling Entry Points

  • Entering a short position with a pending order from the 16.00 levels
  • The best points to set the stop loss close the highest levels of 16.11.
  • Move the stop loss to the entry zone and continue profiting when the price moves 50 pips.
  • Close half of the contracts with profit equal to 75 pips and leave the rest of the contracts until the support level 15.58
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The Turkish lira continued to register further losses against the US dollar, especially over the past week. The Turkish currency lost its stability which lasted four months with the start of the US Federal Reserve to raise interest rates. Western reports showed that the Turkish government pressured local banks in an effort to limit the sale of dollars to businesses to stem the decline of the lira. Banks must obtain approval from the country’s central bank before transferring hard currency corporate transactions. Analysts say the central bank‘s current stance could help stoke muted tension among businesses over the lack of dollars needed for import operations or to pay off corporate debts to foreign banks.

On a technical level, the Turkish lira fell against the dollar in today’s early trades, the pair continued to climb above the 50, 100 and 200 moving averages, respectively, over the four-hour period. as well as over the 60-minute period. Frame. The pair is also trading at the highest support levels, concentrated at 15.20 and 15.00 respectively. On the other hand, the Pound is trading below the resistance levels at 15.38 and 15.50. The pair is currently trading around 15.29 levels, which represents the 61 Fibonacci level of the descending wave which recorded its peak on 12-12-2021 and its trough on 12-23-2021. If the current decline of the pound continues, the way is open to reach the levels of 16.63, which it recorded at the end of last year, as this is the first major resistance level. Please respect the numbers in the recommendation with the need to maintain capital management.

USD/TRY