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We expect the lira to continue to decline, especially if the pair closed above the resistance levels of 14.91.
Today’s recommendation on the lira against the dollar
Risk 0.50%
None of the buy or sell trades of the recommendation were activated yesterday
Best entry points buy
- Entering a long position with a pending order from 14.68 levels
- Set a stop-loss point to close the lowest support level 14.46.
- 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 14.85.
Best selling entry points
- Entering a short position with a pending order from 14.99 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 swallowed up yesterday’s gains, as the lira rose after the interest rate decision in the United States of America, which rose 50 basis points. All financial assets benefited from the dollar’s decline after the interest rate decision as the Fed’s decision was priced earlier. During today’s trading, the lira fell after the Turkish Statistical Institute revealed in a report that annual inflation in Turkey rose by 69.97% in April. This number represents an increase from March when the Consumer Price Index (CPI) rose 61.14% year over year. The biggest jump was recorded in transportation prices, with prices jumping insanely by 105.86% year on year, followed by food and non-alcoholic beverages with 89.10%. The smallest inflation rate was observed in telecoms at 18.71%. The Consumer Price Index increased by 7.25% compared to the previous month.
On the technical front, the Turkish lira fell slightly against the dollar during today’s trading, as the lira swallowed up yesterday’s gains. In general, the lira is still trading within a limited trading range. The pair also rose above the moving averages 50, 100 and 200, respectively, on the four-hour time frame as well as on the 60-minute time frame. The pair is trading the highest support levels that are concentrated at 14.75 and 14.69 levels, respectively. On the other hand, the lira is trading below the resistance levels at 14.90 and 14.99. We expect the lira to continue to decline, especially if the pair closed above the resistance levels of 14.91. Please adhere to the numbers in the recommendation with the need to maintain capital management.
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