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Slight changes in the data are an indication of the stability of economic growth at the same pace, which the country’s ruling party is trying to maintain over the coming period until the expected elections during May and June of next year.
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Today’s recommendation on the lira against the dollar
The risk is 0.50%.
Best buy entry points
Entering a buy order pending order from the 18.50 level.Place a stop loss point to close below the 18.25 support level.Move the stop loss to the entry area and follow the profit when the price moves by 50 pips.Close half of the contracts with a profit equal to 70 pips and leave the rest of the contracts until the strong resistance levels at 18.99.
Best-selling entry points
Entering a sell order pending order from the 18.99 level.The best points to place a stop loss close to the highest level of 19.15.Move the stop loss to the entry area and follow the profit when the price moves by 50 pips.Close half of the contracts with a profit equal to 70 pips and leave the rest of the contracts until the 18.55 support level.
The TRY/USD stabilized during early trading on Tuesday morning. Investors followed the data issued throughout the day and yesterday from the Turkish Statistics Office, as yesterday’s data revealed a slight increase in unemployment rates during the month of October, which recorded 10.2%. The data also revealed a decline in Retail sales on an annual basis recorded 9.5% compared to 9.7% recorded previously. Slight changes in the data are an indication of the stability of economic growth at the same pace, which the country’s ruling party is trying to maintain over the coming period until the expected elections during May and June of next year.
The Turkish president is currently focusing on trying to reduce inflation in light of the deterioration of the lira’s situation throughout the current year. It is noteworthy that the Turkish president indirectly controls the decisions of the country’s central bank, as he pushed the monetary policy authority to reduce the interest rate over several consecutive meetings until reaching the single digits. The price of the lira is not expected to record changes against the dollar, despite the important data expected from the United States today and tomorrow about inflation and interest rates, as the Turkish Central Bank controls the price of the lira and worked without recording a further decline.
TRY/USD Technical Analysis
On the technical front, the Turkish lira pair stabilized against the dollar, without changes, during today’s early trading. As the dollar pair continued to trade against the lira within the narrow trading range that has been circulating in its vicinity for more than two months. The levels of 18.40 and 18.20, respectively, are still the closest support levels for the pair. While the pair is trading below the resistance levels at 18.72, which is the highest recorded peak for the pair, as well as the psychological resistance at 19.00.
In the meantime, the US dollar pair traded against the Turkish lira above the moving averages 50, 100, and 200 on the daily time frame, indicating the general bullish trend of the pair. The price traded between these averages on the four-hour time frame, as well as the lower time frames, in a sign of the divergence that the pair records it in the medium term. Any drop in the pair represents an opportunity to buy back again. Please adhere to the numbers in the recommendation, while maintaining capital management.
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