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USD/TRY

Market Opportunities - 07/08/2020

07 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:

  • USD/TRY was clinched fresh historic highs around 7.29 yesterday.
  • Selling pressure has been on the permanent rise around Turkish lira as of late in response to the inability of domestic banks to keep the depreciation of the currency under control via selling FX reserves.
  • All the attention has now gyrated to the Turkish central bank (CBRT), which is expected to announce potential measures to stop Turkish lira bleeding, at least in the short-term horizon.

USD/TRY, August 7, 2020
Current Price: 7.2900

USD/TRY

Weekly

Trend Direction

UP

Resistance 3

7.7600

Resistance 2

7.6500

Resistance 1

7.4850

Support 1

7.0990

Support 2

6.9400

Support 3

6.8500

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 $

6,899.18

5,284.48

2,862.43

-2,803.71

-5,137.69

-6,458.81

Profit or loss Short in €**

5,825.05

4,461.74

2,416.77

-2,367.20

-4,337.80

-5,453.23

Profit or loss Short in £**

4,424.98

4,014.34

2,174.44

-2,129.83

-3,902.83

-4,906.42

Profit or loss Short in C$**

9,208.34

7,053.20

3,820.48

-3,742.11

-6,857.27

-8,620.57

* 1.00 lot is equivalent of 100000 units
** Calculations for exchange rate used as of 08:00 am (GMT+1) 7/8/2020
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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