The price is moving above the 50 and 200 moving averages on the daily time frame, as well as on the four-hour and 60-minute time frames, indicating the buyers’ control and the return of the general upward trend recorded by the pair.
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- Entering a buy deal with a pending order from the 27.75 level.
- Place a stop loss closing point below the 27.55 level.
- Move the stop loss to the entry area and follow the profit as the price moves by 50 points.
- Close half of the contracts with a profit equal to 70 points and leave the rest of the contracts until the strong resistance level at 28.00.
- Entering a sell deal with a pending order from the 28.15 level.
- The best points to place a stop loss are closing the highest levels of 28.29.
- Move the stop loss to the entry area and follow the profit as the price moves by 50 points.
- Close half of the contracts with a profit equal to 70 points and leave the rest of the contracts until the support level of 27.70.
The price of the US dollar rose against the Turkish lira during early trading on Tuesday, as the Turkish currency recorded its lowest levels ever after the pair recorded its highest levels at the psychological figure of 28 lira per dollar. The shift in monetary policy witnessed by Turkey, led by the new economic team, did not show sufficient impact to support the lira or reduce inflation, despite the improvement of some economic data. In this regard, Turkish Vice President Cevdet Yilmaz commented that inflation will decline significantly starting from the middle of next year. Yilmaz also indicated that inflation will continue to decline during the year 2025 before reaching the single-digit inflation target during the year 2026.
In terms of data, official data issued yesterday, Monday, revealed a decline in the volume of home sales by foreigners in the country during the past month. According to the figures released, the volume of foreigners’ purchases of homes in Turkey declined by 42 percent during the past month compared to the same month in 2022. Foreigners coming from Russia topped the list of foreign buyers who made the most purchases, then Iranians came in second place, and Iraqi citizens ranked third.
Investors are anxious during the coming period after the important decisions by the Central Bank of Turkey, which is expected to maintain a policy of monetary tightening and raise the interest rate, as estimates indicate that the main interest rate in the country may reach 35% by the end of this year.
On the technical level, the dollar pair rose against the Turkish lira, with the pair recording its highest level ever during early trading this morning, as the pair traded at psychological levels of 28.00 before declining slightly. The pair continued trading within an ascending price channel on the 240-minute time frame shown in the chart.
Currently, if the pair goes up, it targets the resistance levels concentrated at 28.15 and 28.25, respectively, while if the pair declines, it targets the support levels concentrated at 27.75 and 27.50, respectively.
The price is moving above the 50 and 200 moving averages on the daily time frame, as well as on the four-hour and 60-minute time frames, indicating the buyers’ control and the return of the general upward trend recorded by the pair. The pair is expected to record gains as long as it settles within the ascending price channel range. Please adhere to the numbers in the recommendation, while maintaining capital management.
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