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Lira Continues to Fall Sharply

The risk is 0.50%.

Best buy entry points

  • Entering a buy order pending order from 20.00 levels
  • Place a stop loss point to close below 19.89 levels.
  • Move the stop loss to the entry area and follow the profit when the price moves by 50 pips.
  • Close half of the contracts with a profit equal to 70 pips and leave the rest of the contracts until the strong resistance levels at 20.50.

Best selling entry points

  • Entering a sell order pending order from 20.50 levels
  • The best points for placing a stop loss close the highest levels of 20.65.
  • Move the stop loss to the entry area and follow the profit when the price moves by 50 pips.
  • Close half of the contracts with a profit equal to 70 pips and leave the rest of the contracts until support levels 20.15

The lira continued its continuous decline against the US dollar at a pace that greatly accelerated during the current month’s trading. This is especially with the start of the elections in the country, through which the Turkish president succeeded in preserving his position by defeating his rival by nearly 6%. With the continued decline of the local currency, which lost a large part of the support of the country’s central bank, it suffers from a decline in the volume of foreign cash reserves, part of which was used to balance the pound.

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Investors followed the statements of the Turkish President yesterday, Tuesday, in which he confirmed that the Turkish government will take all measures and steps that will protect citizens from the high rate of inflation. This may expand due to the decline in the value of the lira, as Turkish President Recep Tayyip Erdogan stressed that the inflation rate will decline to in single digits, he stated, “We will see the positive results of this as the volatility in the global economy recedes.” It is noteworthy that the inflation rates in Turkey recorded a slowdown on an annual basis during the month of April, to reach 43.7%, which is the lowest number since December 2021, while inflation recorded record levels of highs during the last quarter of last year, after it exceeded its highest rate in 24 years. than 85%.

  • The dollar pair against the Turkish lira maintained its gains.
  • The pair recorded its new highest levels ever during yesterday’s trading.
  • This was after the pair broke the correct number of 20.00 liras last Friday, bringing the pair to 20.88 levels.
  • The general trend of the US dollar against the lira continued, which accelerated before the start of the elections and increased after the second round.
  • The lira is under great pressure in light of the adopted monetary policy, as it hardly records any significant correction.

At the same time, the pair is trading above the support levels, which are concentrated at 20.60 and 20.50, respectively. The price also settles below the resistance levels that are concentrated at 21.00 and 21.50. The price is moving above the moving averages 50, 100, and 200 on the daily timeframe, as well as on the 4-hour and 60-minute timeframes, in a sign of the strong bullish general trend.

Because of the expected changes in monetary policy after the elections, any decline in the dollar against the lira represents an opportunity to buy back again. Please adhere to the figures in the recommendation, while maintaining capital management.

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