(MENAFN- Daily Forex) Advertisement looking for more market signals? get them here! Today’s recommendation on the TRY/USD
The risk is 0.50%.Best buying entry points
Entering a buy order pending order from 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 18.99 levels.
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 price of the try/usd during trading today, Wednesday, before returning to the previous average prices. Investors followed data from the country’s Statistical Institute that showed the gross domestic product (GDP) declined in the third quarter, recording 3.9% on an annual basis, against expectations of 4%.
The lira did not show any reaction to the negative data, with the Turkish Central Bank supporting the price of the lira and standing in the way of the lira’s decline. It is not expected that the lira will move much in light of the divergence of the monetary policy pursued by the Federal Reserve in the United States of America and the Central Bank of Turkey between the tightening of US monetary policy and the stimulus policy in Turkey.
It is the policy that many analysts criticize after local reports revealed that commercial banks in Turkey are restricting lending in light of the decline in interest rates due to measures imposed by the Turkish Central Bank. Although experts attributed this narrowing to the lack of a fall in the lira, as happened during 2018 and 2020, when the decline in interest rates caused an expansion of borrowing and thus an increase in spending that expands inflation .TRY/USD Technical Analysis
On the technical level, the Turkish lira pair declined against the dollar, as the pair recorded a new peak at 18.72 levels, before returning to a narrow range since the beginning of the two months, as the US dollar pair traded against the Turkish lira above the moving averages 50, 100, and 200 on the time frame of the day, indicating the general bullish trend. Meanwhile, the price trades between these averages in the four-hour time frame as well as in the 50-minute time frame, in a sign of the divergence recorded by the pair in the medium term.
At the same time, the pair settled within the rectangle shown on the chart in the four-hour time frame, after breaching it to the upside, before retreating again, as it trades above the support levels that are concentrated at 18.40 and 18.20, respectively.
On the other hand, the pair is trading below the resistance level at 18.72, which is the highest recorded peak for the pair, as well as the psychological resistance at 19.00. Any drop in the pair represents an opportunity to buy back again. Please adhere to the numbers in the recommendation, while maintaining capital management.
Ready to trade our daily forex signals ? Here’s a list of some of the best forex brokers to check out.
