The Lira Maintains Its Stability Against the Dollar (USD/TRY)
As long as the pair remains inside the channel range, we expect it to continue climbing.
The lira’s value versus the dollar as of today’s suggestion
• There is a 0.50 percent chance of failure.
• Yesterday’s purchase and sell transactions were not activated.
Best entry points buy
• Using a pending order to enter a long position at 14.55 levels.
• Place your stop-loss order below the 14.36 level of support.
• Move the stop loss to the entry region and profit when the price moves 50 pips in your favor.
• Close half of the contracts with a profit of 75 pips and hold the remaining contracts until the significant resistance levels at 15.00 are reached.
Best selling entry points
- Using a pending order to enter a short position at 14.87 levels.
- The highest levels of 14.98 are the greatest places to set the stop loss.
- Move the stop loss to the entry region and profit when the price moves 50 pips in your favor.
- Close half of the contracts with a profit of 75 pips and leave the other half open until the support levels of 14.40 are reached.
Since yesterday’s trade, the Turkish lira has been relatively stable versus the dollar. Investors were following claims that the Turkish government was focusing on revitalizing the tourist sector in order to increase hard currency revenue. This is owing to the Russian war in Ukraine affecting tourist industries, as the country’s political leadership has worked to build relations with Gulf nations and Israel in recent years in the hopes of recruiting a new class of foreigners. Tourism revenues in Turkey are expected to reach over $35 billion this year, nearing pre-pandemic levels before the onset of the war in Ukraine. It’s worth noting that the country’s monetary reserve has been badly harmed in recent years, despite the Central Bank’s best attempts to keep the lira’s value against the dollar, which have mostly failed.
On a technical level, the Turkish lira held steady versus the dollar, trading within the broad upward trend that has been in place for about a month. On the daily time frame, the four-hour time frame, and the 60-minute time frame, the dollar pair versus the lira is still trading above the 50, 100, and 200 moving averages, respectively. On the 60-minute time frame depicted on the chart, the pair is trading within an upward channel pair is also trading the greatest support levels, which are focused around 14.65 and 14.51. The lira, on the other hand, is trading below the resistance levels of 14.85 and 15.97. As long as the pair remains inside the channel range, we expect it to continue climbing. The pair is aiming for 15.26 levels, which corresponds to 61 Fibonacci for the previous bearish wave, which began on December 20, 2021 and finished on December 23, 2021. Please stick to the numbers in the advice, especially in terms of capital management.