USD/TRY Forecast: Central Bank of Turkey Announces Positive Inflation Expectations

Today’s risk recommendation for USD/TRY is 0.50%. Best Buy Points Entering a pending order of level 18.70. Place a stop below the 18. 5 support level to close. Move stop loss to profit zone and watch profit when price moves 50 pips. Close half of contracts at 70-pips profit and leave remaining contracts at strong resistance level at 19:00. Top selling entry points Issuing a sell order as a pending order from 19.00 level. Best points to place a stop loss near the high 19.15. Move stop loss to profit zone and watch profit when price moves 50 pips. Close half of the contracts with a profit of 70 points and leave the remaining contracts at the support level of 18.75. The Turkish lira was flat against the dollar during morning trading today Thursday. Investors followed upbeat comments from the governor of Turkey’s central bank about future inflation prospects. Kus Shihab Kavji Oglu said that the factors that caused price increases in the market before that do not exist now, adding that his country’s economic growth in the last quarter of 2019 before the pandemic was the first among the G20 countries , although the lira fell. at the time Regarding the country’s inflation expectations for the current year, the central bank president said that expectations show that inflation will rise to 22.3 percent at the end of this year and further decrease to 8.8 percent at the end of 202 . It should be noted that according to the latest data from the Turkish government, inflation in Turkey has risen to 6 %. It fell to a 25-year high as measured in November, when inflation was 85%. Turkey’s central bank, which is effectively controlled by the country’s president, made several rate hikes in late 2022 before confirming it at its last two meetings, when rates reached 9%. USD/TRY Technical Analysis On the technical side, USD/TRY made little changes near all-time highs. The pair continued to trade at the ascending channel level in today’s time frame, reflecting the uptrend of the pair, albeit slowly. At the same time, the pair trades in a symmetrical triangle on a smaller time frame. USD/TRY is also trading above the 50, 100 and 200 moving averages on the daily and four-hour time frames, indicating a general bullish trend for the pair. USD/GBP is currently trading above the support levels of 18.70, 18.60 and 18.53. On the other hand, the pair is trading below resistance levels at 18.83 and 18.86, which represent the pair’s all-time high, and the pair is also trading below psychological resistance at 19:00. Every drop in the pair means an opportunity to buy back. We ask that you follow the numbers in the recommendation while maintaining capital controls.

Michael Cooper

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