The fall in interest rates will diminish in

0

Any decline in the pair represents an opportunity to redeem with the aim of reaching the previous high recorded in the past year.

Today’s TRY/USD recommendation

Risk 0.50%.

Best buy entry points

  • Enter a buy position with a pending order from the 18.39 levels.
  • Set a stop-loss point to close below the 18.25 support levels.
  • Move the stop loss to the entry zone and continue profiting when the price moves 50 pips.
  • Close half of the contracts with a profit of 70 pips and leave the rest of the contracts up to the high resistance levels at 18.99.

Best Selling Entry Points

  • Entering a short position with a pending order from levels of 18.99
  • The best points to set the stop-loss close the highest levels of 19.15.
  • Move the stop loss to the entry zone and continue profiting when the price moves 50 pips.
  • Close half of the contracts with a profit equal to 70 pips and leave the rest of the contracts until the support level of 18.55.

The Turkish lira stabilized near its lowest level ever against the US dollar as investors followed Turkish President Recep Tayyip Erdogan’s statements yesterday. Erdogan said the Turkish Central Bank would continue to cut interest rates and said such moves would lead to lower inflation. The Turkish president’s comments come after Turkey’s central bank cut its benchmark one-week repo rate from 13% to 12% despite other central banks raising interest rates in a bid to make lower inflation. After the recent drop in interest rates, the Turkish lira has reached an all-time high against the US dollar. Inflation was 80.10% in August. Experts do not expect any improvement in the price of the lira following a stimulus monetary policy suggested by the country’s president, who indirectly controls the decisions of the Central Bank of Turkey.

USD/TRY Technical Analysis

On the technical side, the price of the Turkish Lira moved against the Dollar, with the pair trading near its all-time highs as it closed at the 18.58 level. The pair maintained a strong uptrend. It is also trading the highest support levels, which are concentrated at levels of 18.50 and 18.40, respectively.

On the other hand, the Pound is trading below the resistance levels at 18.99. The pair is also trading above the 50, 100, and 200 moving averages on the daily time frame, as well as the four-hour time frame.

Any decline in the pair represents an opportunity to redeem with the aim of reaching the previous high recorded in the past year. Please respect the numbers in the recommendation with the need to maintain capital management.

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