Please follow the information in the recommendation and at the same time follow the capital management.
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- Entering a purchase order pending an order from the 23:00 level.
- Place a stop loss point to close below the 22.80 level.
- Move the stop loss to the entry area and watch for profit when the price moves 50 pips.
- Close half of the contracts with a profit equal to 70 pips and keep the rest of the contracts until the strong resistance level at 23.50.
- Entering a pending sell order from 24:00 levels
- Best points for placing a stop loss near the high of 24.15.
- Move the stop loss to the entry area and watch for profit when the price moves 50 pips.
- Close half of the contracts with a profit equal to 70 pips and keep the rest until the support level of 23.50.
The Turkish lira steadied against the US dollar in early weekly trading as the Turkish currency maintained its levels below 24 against the greenback after freefalling for about a month. The stability of the Turkish lira’s current price comes amid cautious anticipation of expected reforms in the country’s fiscal and monetary policies after a new economic group took over the country’s financial and economic affairs amid the Turkish president’s desire to control high inflation rates in the country.
Investors are expecting a decision by the Turkish central bank during the current week, which should result in a strong increase in interest rates. Meanwhile, reports revealed that banks from the Arab Gulf states, especially the United Arab Emirates, are moving to bridge the funding gap created by the decline in lending from Western banks in the country. In details, the report revealed that Abu Dhabi Commercial Bank and Emirates NBD provided loans to local banks in Turkey.
The moves by the Gulf banks come at a time of improving political relations between most of the Gulf Arab states and Turkey. Notably, the size of the country’s cash reserves has seen a major drain, especially amid the Turkish central bank’s attempts to prop up the price of the lira in recent years.
Technically, the dollar pair against the Turkish Lira held steady during this morning’s trading with no major changes to cap the pair after a wave of strong gains. For almost a month, the dollar pair has been hitting new highs on a daily basis against the lira.
Currently, the pair has settled at the 23.67 level from the mid-point of last week’s trading as the pair is trading above support levels centered at 23.50 and 23.00. The price will also stabilize below the resistance levels which are centered at 24.00 and 24.50. The price is moving above the 50, 100, and 200 moving averages on the daily time frame, as well as on the 4-hour and 60-minute time frames, indicating a strong bullish general trend.
Pending the announcement of expected changes in monetary policy, caution may be the order of the day, the pair’s earnings momentum is falling as it is expected to see stability until the next central bank meeting. Please follow the information in the recommendation and at the same time follow the capital management.
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