Today’s recommendation on the lira against the dollar
The buy deal was activated, and half of the contracts were closed at a profit with the price advancing in the direction of the target
Best buy entry points
Entering a long position with a pending order from levels of 15.85Set a stop loss point to close the lowest support levels 15.65.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 16.05.
Best selling entry points
Entering a short position with a pending order from 16.00 . levelsThe best points for setting the stop loss are closing the highest levels of 16.11.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 15.58
The Turkish lira traded near its lowest level ever during 2022. The lira lost nearly 16 percent of its value against the dollar after a 44 percent decline during 2021 as the 70 percent inflation rate pushed the price of lira. The exhaustion of solutions available to the Turkish Central Bank, after the futility of the plan to save deposits protected from the decline of the dollar from the government. The Turkish Central also continued to pressure local banks not to sell foreign currency to companies importing goods from abroad or that need hard currency to pay off previous loans. Reports published today confirmed that members of the Monetary Policy Committee will fix the interest rate at 14 percent during its meeting next Thursday. The bank is effectively subordinate to Turkish President Recep Tayyip Erdogan, who considers himself the number one enemy of interest rates. It does not seem that there is anything capable of stopping the loss of the lira against the dollar in light of the rise in inflation with the escalation of energy prices, and the rise in the current account deficit.
On the technical front, the Turkish lira continues to decline strongly against the dollar, the lira prices are currently varying within a narrow range shown on the chart, below the psychological resistance levels that are concentrated at 16.00 levels. The pair is also trading above the moving averages 50, 100 and 200, respectively, on the four-hour time frame as well as on the 60-minute time frame. At the same time, the pair is trading the highest levels of support, which are concentrated at 15.73 and 15.65 levels, respectively. On the other hand, the lira is trading below the resistance levels at 16.00 and 16.40. If the pair manages to break the mentioned resistance levels, with the pair’s rising momentum continuing, the way is open for the lira to reach 16.63 levels, which it recorded at the end of last year, as it is the first major resistance levels. Please adhere to the numbers in the recommendation with the need to maintain capital management.