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USD/TRY

Market Opportunities - 06/08/2020

06 August, 2020

The example below uses Contracts For Difference (CFDs). Calculations are only on the price of the specific instrument on the date below and calculations indicate a possible opportunity for profit or loss. No representation or warranty is given as to the accuracy or completeness of this information, consequently any person acting on it does so entirely at their own risk.

USD/TRY uptrend opportunity based On 1.00 Lot Calculation:

  • The Turkish lira could be on the brink of yet another precipitous fall versus the dollar.
  • What has prevented USD/TRY from rising to 8.00 or even higher is the ability of the Central bank to replenish its forex reserves and keep spending tens of billions of dollars intervening but such a scheme is about to break down.
  • The upside pressure on USD/TRY is fueled by well-known structural issues of persistently high inflation, a wide current account deficit and a strong preference to use credit to stimulate the economy at all costs. There are also some geopolitical risks related to Turkish involvement in Syria, Libya, and drilling activities around Cyprus.

USD/TRY, August 6, 2020
Current Price: 7.1100

USD/TRY

Weekly

Trend Direction

UP

Resistance 3

7.2990

Resistance 2

7.2500

Resistance 1

7.2250

Support 1

6.9980

Support 2

6.9400

Support 3

6.9250

Example of calculation base on weekly trend direction for 1.00 Lot*

Pivot Points

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss Short in $

2,774.35

2,055.08

1,688.10

-1,644.06

-2,495.45

-2,715.64

Profit or loss Short in €**

2,342.41

1,735.12

1,425.28

-1,388.10

-2,106.93

-2,292.84

Profit or loss Short in £**

1,779.41

1,561.13

1,282.36

-1,248.91

-1,895.66

-2,062.93

Profit or loss Short in C$**

3,686.56

2,730.79

2,243.14

-2,184.63

-3,315.95

-3,608.54

* 1.00 lot is equivalent of 100000 units
** Calculations for exchange rate used as of 10:00 am (GMT+1) 6/8/2020
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account Manager regarding their use.
*** You may wish to consider closing your position in profit, even if it is lower than suggested one
**** Trailing stop technique can protect the profit – Ask your Senior Account Manager for more details

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