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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 the 24:00 level.
- The best points for placing a stop loss close the highest level 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 of the contracts until the support level at 23.50
The Turkish lira held steady against the US dollar during trading today for the third day in a row as the Turkish currency witnessed some stability after sharp declines that lasted about a month following the victory of Turkish President Recep Tayyip Erdogan. . Investors followed the Turkish president’s statements yesterday about the economic situation and the new team that has taken over the country’s monetary and financial policy. “Citizens should not have the misconception of accepting a serious change in interest rate policy, I am in the same position,” Erdogan said.
This has cast doubt on markets, especially after some optimism supported the lira recently after reports suggested interest rates would be raised during the Turkish central bank’s meeting next week as expected. At this time, reports indicated that interest rates in the country may jump to 25% compared to the current rate of 8.5%.
The Turkish president’s remarks show limited freedom for the economic team of Mehmet Simsek (finance minister) and Hafiz Arkan (Turkish central bank governor) to control the high rate of inflation, which the Turkish president has promised to reduce to single digits after inflation hit a record high in the final months of last year rate of 86%.
On the technical side, the dollar pair stabilized against the Turkish Lira without major changes after a wave of gains in a general bullish trend in which the pair is trading strongly. The dollar/lira pair hit new highs on a daily basis. Currently, the pound has stabilized for the third day in a row, with the pair hitting the 23.67 level. At the same time, the pair is trading above the support levels, which are 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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