TRY/USD Forex Signal: Lira Maintains Its Stability| MENAFN.COM

Friday, 03 February 2023 12:35 GMT

TRY/USD Forex Signal: Lira Maintains Its Stability


(MENAFN- Daily Forex) Advertisement ready to make your money work for you? start trading now 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 levels
  • Place a stop loss point to close below the
    18.25 support levels.
  • 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 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 lira stabilized against the dollar during the day's early trading, as investors followed data issued by the country's Institute of Statistics. The Turkish foreign trade registration last October showed a deficit estimated at about $7.87 billion on an annual basis, as it increased by 421% with the registration of Imports rising by an estimated 31%.

Foreign trade data had recorded about 9.6 billion during September. The trade deficit increased between January and last October by 168%, to exceed $91 billion. In other data, the Turkish Statistical Institute revealed that the country's economic confidence index declined to 96.9 points in November of 2021 compared to 97.1 in October 2022. At the same time, the country's consumer confidence index rose by 0.6% to 76.6 on a monthly basis in November. It is noteworthy that all data did not record any effect on the price of the Turkish lira, which stabilized against the dollar amid the intervention of the Turkish Central Bank, which works to preserve the value of the lira from declining.TRY/USD Technical Analysis

On the technical front, the try/usd recorded almost unchanged stability within the narrow trading range in which the pair has been trading for nearly two months, as the US dollar pair against the Turkish lira traded above the moving averages 50, 100, and 200 on the time frame for today, in a sign of the general bullish trend. While the price trades between these averages on the four-hour time frame as well as on the 50-minute time frame, is a sign of the divergence recorded by the pair in the medium term.

At the same time, the pair settled within the rectangle range in the four-hour time frame, as shown on the attached chart. Where it trades the highest support levels, which are concentrated at 18.40 and 18.20, respectively. On the other hand, the pair is trading below the resistance level at 18.70, 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.

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