(MENAFN- Daily Forex) Today's recommendation on the lira against the dollar
Risk 0.50%.
The buy trade of the recommendation was activated on Thursday, and a profit was made with closing half of the contracts with the introduction of the stop lossBest selling entry points
- Entering a short position with a pending order from levels 17.45
- Set a stop loss point to close the lowest support levels 17.65.
- 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 55 pips and leave the rest of the contracts until the strong resistance levels at 16.40.
Best entry points buy
- Entering a buy position with a direct order from 16.81 . levels
- The best points for setting the stop loss are closing the highest levels of 16.44.
- 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 55 pips and leave the rest of the contracts until the support levels 17.11
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The Turkish lira fell during early trading today, as investors followed early reports issued by the country's statistics institute that showed inflation rose 78.62% on an annual basis during the month of June, which exceeds analysts' expectations. On a monthly basis, inflation rose less than expected as it rose by 4.95%, compared to the previous 2.98%. Inflation in Turkey continues to rise, reaching its highest level in 24 years, specifically since 1998, which is slightly higher than expectations and the highest level since 1998. The rise was led by the transportation sector, which rose by 123.37%, and the rise in food and non-alcoholic beverages prices by 93.93% contributed to pushing Inflation is up, and the prices of furniture and household appliances increased by 81.14%. Turkish President Recep Tayyip Erdogan previously approved raising the country's minimum wage at the end of last week, amid promises to reduce inflation by the end of the year.
On the technical front, the Turkish lira fell against the US dollar, as the pair returned to trading in a narrow range, which is shown in the ascending channel on the four-hour time frame shown on the chart. At the same time, the pair settled above the support levels that are concentrated at 16.70 and 16.48 levels, respectively. At the same time, the lira is trading below the resistance levels at 17.11 and 17.40, respectively. The pair also traded between the 50, 100 and 200 moving averages, respectively, on the four-hour time frame as well as on the 60-minute time frame, indicating a short-term divergence. While the pair continues trading above the moving average 50 on the time frame of the day. At the same time, the pair is trading the highest strong resistance levels represented in the 50 Fibonacci levels on the descending wave that started from 06-24-2022 until the top recorded on 06-27-2022. We expect the pair to rise from the levels specified in the recommendation. Please adhere to the numbers in the recommendation with the need to maintain capital management.
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