USD/TRY may rise 1533 - 2166 pips

Our pivot point stands at 33.2406.

Our preference

The upside prevails as long as 33.2406 is support.

Alternative scenario

Below 33.2406, expect 33.1342 and 33.0709.

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 above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 33.2683 and 33.2162). Finally, the USD/TRY is trading above its upper Bollinger band (standing at 33.3391).

Supports and resistances

33.6849 **

33.6215 *

33.5581 **

33.4948

33.3415 last

33.2823

33.2406 **

33.1342 *

33.0709 **

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