USD/TRY Forex Signal: Declining Despite Statements

Today's USD/TRY Forex Signal

Risk 0.50%.

None of the buy or sell trades of yesterday's recommendations were activated.

Best buy entry points

Entering a long position with a pending order from 14.64 levels

Set a stop loss point to close the lowest support levels 14.36.

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 75 pips and leave the rest of the contracts until the strong resistance levels at 15.00.

Best selling entry points

Entering a short position with a pending order from 14.76 . levels

The best points for setting the stop loss are closing the highest levels of 14.98.

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 75 pips and leave the rest of the contracts until the support levels 14.40

The Turkish lira fell during the early trading of Thursday with the same weak pace that it continued to decline throughout the week. Investors followed the statements of Noureddine Nabati, who holds the position of Minister of Finance and Treasury in the country, in which he said that the government will reduce the interest rate sooner or later. Nabati also indicated the government's success in removing the interest rate hike from the agenda, pledging to reduce inflation by the end of the year and to maintain continuous declines in the inflation rate in the period that follows. Analysts commented on the statements of the Turkish Finance Minister that the state treasury bears a greater burden than usual in favor of a small number of beneficiaries of the program to protect depositors in lira, which was launched by the President of the Republic at the end of last year to calm the strong declines of the lira. Which seems to have had a temporary effect, as the lira continued to decline since then at a steady pace, although I was less rapid than the previous declines.

On the technical front, the Turkish lira declined against the dollar during the early trading, as the USD/TRY continued trading within a narrow trading range between 14.64 and 14.74 levels during the week, as the pair is walking within a rising wedge pattern. There is a general bearish trend within another limited range, if it was slightly larger, between 14.51 and 14.77. Without major changes from yesterday, the pair varied around the 50, 100 and 200 moving averages on the four-hour time frame, while the pair rose above those averages on the 60-minute time frame. The pair is also trading near the highest support levels, which are concentrated at 14.64 and 14.55 levels. On the other hand, the lira is trading below the resistance levels at 14.76 and 14.85. We expect the pair to rise until the resistance levels at 14.77 as well as 14.85 before the lira records some gains again. Please adhere to the numbers in the recommendation with the need to maintain capital management.