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USD/TRY Forex Signal: Lira Rises After Turkey Data – 11 April 2022

Today’s recommendation on the lira against the dollar

Risk 0.50%.

None of the buy or sell trades of yesterday’s recommendations were activated.

Best buy entry points

Entering a buy position with a direct order from the current levels 14.71Set a stop loss point to close the lowest support levels 14.36.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 14.86 . 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 rose during the early trading today, although it moved at the same weak pace that continued to decline during the past two weeks. While there are negative expectations for the Turkish lira, a survey of the Turkish Central Bank showed expectations of a number of sectors, which showed a decline of the lira by the end of the year to levels between 16.60 and 16.80. The news related to raising the interest rate is also prompting a faster pace in the United States, as other reports showed a shift in the policy of the European Central Bank. This may shift to raising the interest rate by the end of this year to increase pressure on the future of the lira. On the data front, the Turkish Statistical Office released unemployment data for the month of February, which showed a decline to 10.7 percent, compared to 11.4 percent in January.

The Turkish lira’s trading rose against the dollar during the early trading. The US dollar pair continued trading within a narrow trading range after it reached the lower limit of the bullish price channel on the 240-minute time frame, to complete its decline in a general bearish trend against the dollar. The moving averages 50, 100 and 200 respectively on the four-hour time frame, while the pair rose above those averages on the 60-minute time frame. The pair is also trading the highest support levels, which are concentrated at 14.71 and 14.65 levels, respectively. On the other hand, the lira is trading below the resistance levels at 14.76 and 14.85, respectively. Please adhere to the numbers in the recommendation with the need to maintain capital management.

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