USD/TRY may rise 1402 - 2091 pips

Our pivot point stands at 32.8614.

Our preference

The upside prevails as long as 32.8614 is support.

Alternative scenario

Below 32.8614, expect 32.7461 and 32.6774.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 33.0473 and 33.0597).

Supports and resistances

33.4367 **

33.3678 *

33.2988 **

33.2299

33.0897 last

32.9067

32.8614 **

32.7461 *

32.6774 **

Number of asterisks represents the strength of support and resistance levels.