USD/TRY may rise 1269 - 1899 pips

Our pivot point stands at 33.0500.

Our preference

The upside prevails as long as 33.0500 is support.

Alternative scenario

Below 33.0500, expect 32.9443 and 32.8814.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (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 33.1053 and 33.0897). Finally, the USD/TRY has crossed above its upper Bollinger band (33.1443).

Supports and resistances

33.4629 **

33.3999 *

33.3370 **

33.2740

33.1471 last

33.0916

33.0500 **

32.9443 *

32.8814 **

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