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The Lira Continues to Record its Record Lo


Please adhere to the numbers in the recommendation with the necessity of maintaining capital management.

Risk 0.50%.

  • Entering a buy deal with a pending order from the 19.50 level.
  • Place a close stop loss below the 19.29 level.
  • Move the stop loss to the entry area and follow the profit with the price moving 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 levels at. the 20.00.
  • Entering a sell deal with a pending order from the 20.00 level.
  • The best points for placing a stop loss close at the 20.15 level.
  • Move the stop loss to the entry area and follow the profit with the price moving 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 at 19.55.

The TRY/USD fell against the dollar to record levels of decline, the dollar recorded levels of 19.67 lira. where the lira continued to break record levels against the dollar on a daily basis, especially over the course of the last week. Investors followed the election results after 100% of the ballot boxes were counted, Turkish President Recep Tayyip Erdogan received 49.51% of the votes, while opposition leader Kilicdaroglu received 44.88%. The head of the Turkish Supreme Election Council, Ahmet Yener, announced that the second vote is scheduled for May 28. Globally, US President Joe Biden told the press on Monday that he “looks forward to working with whoever” wins the election in Turkey.

Biden’s comments come after the first round on Sunday. Erdogan previously claimed that the West was “manipulating the elections” in his country. The declines in the lira come amid expectations that the Turkish currency will record significant declines after the second round of the elections, far from the identity of the ruling party or the elected president, as there are reports of an expected decline in the value of the lira with an expectation of a rise in interest rates in the country after the elections, which was denied by the Minister of Finance of the country Nour al-Din Nabati. At the moment, the central bank is struggling to control the decline of the lira, even if its power is limited amid the decline in foreign currency reserves.

On the technical level, the dollar pair rose against the Turkish lira to record its highest new levels ever, after the pair touched levels of 19.70 lira per dollar. For the American currency to continue its continuous gains against the pound which is declining at a slow pace. At the moment, the price is trading within the range of the ascending price channel on the four-hour time frame, the closing price could not be higher than it, and the price is trading above the support levels which are concentrated at 19.60 and 19.50 respectively.

At the same time, the price stabilizes below the resistance levels which are concentrated at 19.80 and 20.00. The price is moving above the 50, 100, and 200 moving averages on the daily time frame, as well as on the four-hour time frame and the 60-minute time frame, indicating a strong general upward trend. Due to the difference in monetary policy and the economic situation for Turkey and the expected changes in monetary policy after the elections, any drop in the dollar against the lira represents an opportunity to buy again. Please adhere to the numbers in the recommendation with the necessity of maintaining capital management.

USD/TRY

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