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USD/TRY Forex Signal: Bearish Amid IMF Expectations – 26 April 2022

Today’s USD/TRY Signal

Risk 0.50%.

None of the buy or sell transactions of yesterday were activated

Best entry points buy

Entering a long position with a pending order from 14.62 ??????? levelsSet a stop-loss point to close the lowest support level 14.46.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 75 pips and leave the rest of the contracts until the strong resistance levels at 14.85.

Best selling entry points

Entering a short position with a pending order from 14.85 levelsThe best points for setting the stop loss are closing the highest levels of 14.98.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 75 pips and leave the rest of the contracts until the support levels 14.40

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The Turkish lira fell against the dollar as investors followed up on the report of the International Monetary Fund on Monday, which included expectations for a decrease in global growth forecasts this year by nearly one percent, with a decline from the previous rate of 4.4 percent to 3.6 percent, because of the war in Ukraine. As for the Turkish issue, the IMF lowered the forecast for the growth of the Turkish economy during the current year from the previously expected rate of 3.3 to 2.7 percent. It is noteworthy that the Turkish currency is facing pressures like the currencies of emerging economies with the rise of the US dollar, which is awaiting a new decision to raise the interest rate during trading next month.

On the technical front, the Turkish lira fell slightly against the dollar with the opening of trading, as it continued within a limited trading range, which is evident on the chart. The pair has breached the resistance line at 14.76 on the 240-minute time frame, shown on the chart. The pair also rose around the moving averages 50, 100 and 200, respectively, on the four-hour time frame as well as on the 60-minute time frame. The pair is trading the highest support levels that are concentrated at 14.76 and 14.60 levels, respectively. On the other hand, the lira is trading below the resistance levels at 14.85 and 14.89, respectively. We expect the lira to decline, especially after breaching the shown support level, as it targets 15.00 levels in the medium term. Please adhere to the numbers in the recommendation with the need to maintain capital management.

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