We expect the pair to rise until the resistance levels at 14.77 as well as 14.85 before the lira records some gains again.
Today’s USD/TRY Signal
None of the buy or sell trades of yesterday’s recommendations were activated.
Best entry points buy
Entering a long position with a pending order from 14.64 levelsSet 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 15.00.
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
The Turkish lira fell during early trading on Wednesday, as investors followed the credit rating agency Fitch’s report on Turkish banks during the last quarter of last year. The report included a number of banks that comprise about 81 percent of the banking sector’s assets. The report stated that during the past year, foreign currency deposits increased more in the last quarter, reaching 63% of total deposits, which reflects weak confidence in the lira and negative real deposit rates amid inflationary pressures. The report also mentioned that the banking sector benefited from a series of interest cuts. Other economic reports also showed an increase in the burdens on the country’s Treasury due to the increase in the costs of the program to protect depositors’ funds, which the Turkish President approved at the end of last year to stop the losses of the lira.
The Turkish lira declined against the dollar during the early trading, as the US dollar pair continued trading within a narrow trading range of 14.64 and 14.74 during the current week. It will continue trading in general within another limited range that was slightly larger between 14.51 and 14.77. There are no changes from yesterday as the pair varied around the moving averages 50, 100 and 200, respectively, on the four-hour time frame, as well as the 60-minute time frame. The pair is also trading the highest support levels, which are concentrated at 14.64 and 14.55 levels, respectively. On the other hand, the lira is trading below the resistance levels at 14.76 and 14.85, respectively. We expect the pair to rise until the resistance levels at 14.77 as well as 14.85 before the lira records some gains again. Please adhere to the numbers in the recommendation with the need to maintain capital management.