Today’s recommendation on the lira once morest the dollar
- The risk is 0.50%.
Best buy entry points
- Entering a buy order pending order from 18.60 levels
- Place a stop loss point to close below the support levels 18.35.
- Move the stop loss to the entry area and continue to take profit as the price moves 50 pips.
- Close half of the contracts with a profit equal to 70 pips and leave the remaining contracts until the strong resistance levels at 19.00.
Best selling entry points
- Entering a sell order pending order from 19.00 levels
- The best points to place a stop loss close above 19.15 levels.
- Move the stop loss to the entry area and continue to take profit as the price moves 50 pips.
- Close half of the contracts with a profit equal to 70 pips and leave the remaining contracts until the support levels 18.75
Analysis of the Turkish lira
price stabilized The dollar once morest the Turkish liraWhere it trades without changes amid the Central Bank of Turkey maintaining the price of the lira once morest the dollar in a balanced manner. Investors followed reports at the end of last week, which showed the Turkish Central Bank’s targeting of increasing the share of deposits in lira at the expense of foreign currency deposits, especially the dollar. Where the Turkish Central Bank issued a report showing that the bank’s top priority at the present time is to increase the lira’s share in bank deposits to exceed the current 55% to reach 60% during the first half of this year. It seeks to inject incentives for lenders who have exceeded half of their deposits. The central bank seeks to urge citizens to keep their savings in local currency and push the country’s commercial banks to buy bonds (denominated in pounds) for long periods. It is noteworthy that the country suffers from the largest inflation rate in regarding 25 years, following it approached 85%, as the decline of the lira contributed to an increase in inflation, especially with the stimulus monetary policy pursued by the Central Bank of Turkey.
On the technical side The dollar pair once morest the Turkish lira maintained its trading at the same levels as last week’s closing. This came following it hit new highs during year-end trading, following the dollar rose to 18.83 pounds. Before retreating to the same limited trading range in which the pair has settled for a period of more than two months since mid-October. Currently, the dollar once morest the pound is trading above the support levels of 18.60 and 18.50, respectively. On the other hand, the pair is trading below the resistance levels 18.83, which represents the highest price for the pair recorded during 2022, and the pair is also trading below resistance levels Psychological at the correct number 19.00. At the same time, the price settled above the ascending trend line on the four-hour time frame, shown on the chart. The dollar pair once morest the lira trades above the moving averages 50, 100, and 200 on the daily time frame, in a sign of the general bullish trend of the pair, while the price trades between these averages on the four-hour time frame, as well as the lower time frames, in a sign of the divergence recorded by the pair in the medium term. . Any drop in the pair represents an opportunity to buy back once more. Please adhere to the numbers in the recommendation, while maintaining capital management.
Graph generated by platform TradingView
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