New Highs Reached As Turkish Lira Problems Worsen
USD / TRY broke through the 10.0000 ratio and its upward path may not be over yet.
New highs were set by the USD / TRY early in trading as the Forex pair climbed above 10.0000. A glance at almost any technical chart shows that the Forex pair has been within reach of a long-term uptrend, and it’s probably not going to end anytime soon. The question for traders is how to take advantage of the momentum of the USD / TRY amid this storm that continues to threaten new highs.
Speculators can trade USD / TRY through any broker of their choice, but before making a winning speculative decision, they should consider the costs of the transaction. To successfully enter the USD / TRY, a trader must enter a solid entry level, as the supply / demand spread for the Forex pair can be very wide and provide unexpected fill prices that do not not meet expectations. This can create costs which make the USD / TRY difficult to trade and harmful.
If these criteria can be met, and even before continuing to trade, a speculator should know what the “shipping costs” will be to hold the position overnight if necessary.. In other words, as a buyer of USD / TRY, you will have to pay a fee to be allowed to speculate with a large amount of money via leverage, and the costs can be high if you have to. hold the position until tomorrow and beyond.
If a trader has made sure that he can enter the USD / TRY with a solid price and understands all the fees he may face, then it is time to allow the Forex pair to trade. Breaking through the significant psychological barrier of 10.00000 is no small feat for the USD / TRY and if this current price level holds without a violent reversal it could indicate that the bullish momentum will continue in the near term. There is reason to believe that the price velocity within the USD / TRY can become volatile at any time, however, and traders should be prepared to handle moves with take profit and stop orders. loss that work.
USD / TRY is recommended as a bet for Forex traders who have a lot of experience. New speculators should be careful before trying to trade the pair. Resistance near the 10.10,000 mark may seem like a road too far, but if the bullish momentum in the pair continues to be triggered, this value looks more likely than support ratios below the 9 level. 80,000 are affected in the short term.
Short-term outlook for the Turkish lira
Current resistance: 10.04000
Current support: 9.95000
High Target: 10.13000
Low target: 9.87000