Government increases energy subsidies by 80 percent

On the technical side, the Turkish lira recorded slight variations against the dollar.

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Today’s USD/TRY recommendation

Risk 0.50%.

Best buy entry points

  • Entering a long position with a pending order from levels of 18.50
  • Set a stop-loss point to close below the support level of 18.35.
  • 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 of 70 pips and leave the rest of the contracts up to the high 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 to set the stop-loss close the highest levels of 19.15.
  • 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 70 pips and leave the rest of the contracts until the support level of 18.55.

USD/TRY price stabilized on slight changes amid the lack of any data impact with the Turkish Central Bank’s clear intervention in the FX market to prevent a significant drop in the price to read it. Investors followed the Turkish government’s announcement to increase the volume of energy subsidies by 80%, as part of the 2023 budget. The government subsidies cover 80% of gas consumption and 50% of electricity consumption by Turkish families. This support aims to reduce the impact of high inflation in the country, especially with the country’s participation in crucial elections next year, which will determine the fate of Turkish President Tayyip Erdogan, in power for almost 20 years. It is worth noting that energy prices. Prices rose after the invasion of Ukrainian territory by Russia, are mainly responsible for the rise in inflation in the country, which exceeded 84%, according to the latest data released by the country’s statistics office.

USD/TRY Technical Analysis

On the technical side, the Turkish lira recorded slight variations against the dollar. Where the pair is trading in a narrow trading range near the record low of 18.66 levels, which was recorded in the current month. The pair is trading at the highest support levels, concentrated at 18.50 and 18.40 respectively. On the other hand, the Pound is trading below the resistance levels at 18.65 and 18.99, respectively. In the meantime, the pair is trading above the 50, 100 and 200 moving averages on the daily time frame, indicating the overall bullish trend, while the pair is trading between these averages on the four-hour time frame. Also, over the 60 minute timeframe, which shows the extent of volatility and trading within the tight range the pair is recording. Any decline in the pair represents an opportunity to redeem with the aim of reaching the previous high recorded in the past year. Please respect the recommendation figures with the need to maintain capital management.

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