USD/TRY Forex Signal: Trading in a Tight Range

Recommendation of the day on the lira against the dollar

Risk 0.50%.

None of yesterday’s buy or sell trades have been activated

Best Selling Entry Points

  • Entering a short position with a pending order from levels of 18.33
  • Set a stop-loss point to close the lowest support levels at 18.55.
  • 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 55 pips and leave the rest of the contracts up to the high resistance levels at 17.70.

Best entry points to buy

  • Enter a buy position with a pending order from 17.85 levels
  • The best points to set the stop-loss close the highest levels of 17.54.
  • 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 55 pips and leave the rest of the contracts until the support level 18.31

USD/TRY Technical Analysis

The lira stabilized with no change in the price of the USD/TRY currency pair as the pair is trading in a very narrow range. This amid the absence of influential data from inside Turkey during the day, as well as the apparent interference of the Central Bank of Turkey to control the price of the dollar against the lira. Investors followed reports on the Russian-Turkish consensus on adopting the local currency in trade between the two countries. The two sides have agreed to pay for part of Turkey’s natural gas imports in Russian rubles, which could contradict a series of Western sanctions against Moscow. In the same context, a report by the American magazine Newsweek stated that the percentage of Turkish real estate sales to Russian citizens has increased during the current year, so that Russians have overtaken the purchases of real estate in Turkey before the Iranians and Iraqis. It notes the lack of significant economic impact, especially amid the country’s suffering from levels of inflation that have not been seen for nearly 25 years.

The economic situation should not improve significantly given the adherence of the Turkish Central Bank to a stimulus policy in exchange for monetary tightening in the United States, which raises the value of the dollar.

Turkish Lira Technical Analysis

The US Dollar against the Turkish Lira settled into the same tight trading range shown on the chart. The pair traded the highest support levels, which are concentrated at the 17.85 and 17.75 levels, respectively. While the Pound is trading below the resistance levels at 6:00 p.m. and 18.07, respectively. The pair is also trading above the 50, 100, and 200 moving averages, respectively, on the four-hour as well as the 60-minute time frame, indicating the long-term bullish trend. The likelihood of the lira rising against the dollar is still slim as the pair heads into an overall uptrend. As each decline in the pair represents a good buying opportunity, please stick to the recommendation numbers, with the need to maintain capital management.

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