USD/TRY Forecast Today 12/8: Lira Near All-Time Low (Chart)
Date
8/12/2024 3:09:01 PM
(MENAFN- Daily Forex) Signals for the Lira Against the US Dollar Today
Bullish Entry Points:
Open a buy order at 33.50. Set a stop-loss order below 33.20. Move the stop-loss to the entry point and follow the profit with a price movement of 50 pips. Close half the contracts at a profit of 70 pips and leave the rest until the strong resistance levels at 33.75.
Bearish Entry Points:
Place a sell order for 33.75. Set a stop-loss order at or above 33.94. Move the stop loss to the entry point and follow the profit with a price movement of 50 pips. Close half the contracts at a profit of 70 pips and leave the rest until the support levels at 33.50.
Turkish lira Analysis:
The Turkish Lira's trading was mixed at the beginning of the week. The currency stabilized near its all-time low against the dollar, which it reached earlier this month at levels of 33.66 lira.
Reports over the weekend revealed that the Turkish central bank intervened to support the lira, which had declined sharply over the past week amid ongoing financial volatility due to concerns about a US economic recession caused by the non-farm payroll report released the previous Friday. Reports indicated that the central bank injected about $6.6 billion to support the Turkish currency. In this regard, reports stated that the Turkish central bank's foreign exchange reserves are expected to decline by about $6 billion. Simultaneously, forecasts indicated the possibility of further declines in the lira due to increased demand for the dollar by citizens. Thus, it is coinciding with the Turkish central bank's termination of the deposit system based on protecting those deposits from foreign exchange fluctuations.
Despite the improvement in credit rating agencies, and the succession of good economic data and figures in the overall data issued from Turkey recently. Concurrently, the relative decline in inflation rates, which seem to be proceeding in line with the targets of the Central Bank of Turkey. However, on the other hand, it seems that the monetary tightening policy followed by the Central Bank of Turkey was not without flaws that appeared with the first sharp fluctuations in the markets.
Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money USD/TRY Technical Analysis and Expectations Today:
Technically, the USD/TRY exchange rate remained stable below its all-time high, which it reached earlier in the week at 33.66 lira. The overall upward trend of the pair continued with the price trading above the upper limit of the ascending wedge pattern on the daily timeframe, as shown in the chart. The pair also received support by trading above the 50 and 200 moving averages, respectively, on the daily timeframe, as well as on the four-hour timeframe, indicating the overall upward trend that the pair is currently recording. If the price rises, it targets resistance levels cantered around 33.75 and 33.99 lira, respectively. While in the event of a decline in the pair, it targets support levels at 33.50 and 33.25 lira, respectively. Finally, the Turkish lira price forecast includes a rise in the pair if it stabilizes above the upper limit of the wedge pattern.
Ready to trade our daily Forex forecast? Here's a list of some of the top forex brokers in Turkey to check out.
MENAFN12082024000131011023ID1108545924
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.