Bullish Entry Points:
- Buy from the 0.0250 – 0.0248 level, provided strong reversal signals appear (such as rebound candlesticks on a short timeframe).
- Buy after a confirmed breakout above the 0.0265 resistance level and sustained trading above it.
- Buy Targets: 0.0275, 0.0290, 0.0305
- Stop Loss: 0.0240
Bearish Entry Points:
- Sell from the 0.0265 – 0.0270 level if the price fails to break resistance and shows clear weakness.
- Sell after a confirmed daily close below the 0.0250 support level.
- Sell Targets: 0.0240, 0.0225, 0.0210
- Stop Loss: 0.0275
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The Turkish Lira (TRY) exchange rate against the US Dollar (USD) recorded a significant decline during today's trading, reaching 0.0251 against the dollar, after opening at 0.0371. This sharp drop of 0.0121 reflects a 32.48% deterioration in a short period, amidst continued pressure on the local currency. Markets still appear unconvinced by the ability of Turkish monetary policy to curb the decline, with local economic indicators lacking stability.
This reflects a clear state of volatility amid an increase in selling operations that are heavily pressuring the value of the Turkish Lira since the beginning of the session, with the pair trading between a high of 0.0391 and a low of 0.0250.
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Technical Analysis of Lira vs. Dollar
From a technical perspective, observing the pair's movement in recent sessions, we find that the price is moving within a clear downward channel, with no immediate signs of stabilization. The price has lost important support levels and is now approaching the last low at 0.0250. Should it break this level with a confirmed daily close, we might witness a new wave of decline.
Regarding technical indicators, primarily the Relative Strength Index (RSI), it indicates that the pair is approaching oversold areas, which could offer the markets a short technical rebound opportunity. However, this does not alter the overall picture, which still strongly favours a bearish trend unless fundamental catalysts or economic data emerge to support the Lira.
USD/TRY Trading Signals:
The technical situation for the Turkish Lira against the Dollar still points towards selling, and buying is not recommended unless strong signs of a genuine technical rebound appear. Traders are advised to approach this pair with caution, especially given the price's sensitivity to any sudden political news or monetary decisions.
TRYUSD Price Forecast for the Coming Days:
Should the price remain below the 0.0265 level, the bearish trend is likely to continue next week, with potential targets at 0.0240 and then 0.0225. However, if strong support signals emerge from the current level, we might see a temporary ascent towards 0.0270, before the pair resumes its decline unless Turkish economic conditions change.
Tips for USD/TRY Traders:
Trading this pair requires a high degree of discipline and capital management, especially given the rapid decline of the Lira. Decisively, it is advised not to open large positions without clear confirmation signals. Also, closely monitor Turkish and US economic data, as they have a direct impact on the pair's movement.
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