USD/TRY may fall 1374 - 2060 pips

Our pivot point stands at 33.2014.

Our preference

The downside prevails as long as 33.2014 is resistance.

Alternative scenario

Above 33.2014, look for 33.3173 and 33.3863.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 33.0856 and 33.0773). Finally, the USD/TRY has penetrated its lower Bollinger band (33.0277).

Supports and resistances

33.3863 **

33.3173 *

33.2014 **

33.1559

32.9690 last

32.8316

32.7630 **

32.6943 *

32.6256 **

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