USD/TRY may rise 985 - 1423 pips

Our pivot point stands at 33.3885.

Our preference

The upside prevails as long as 33.3885 is support.

Alternative scenario

The downside breakout of 33.3885 would call for 33.3153 and 33.2718.

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 above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 33.4131 and 33.3768). Finally, the USD/TRY has crossed above its upper Bollinger band (33.5789).

Supports and resistances

33.8132 **

33.7694 *

33.7257 **

33.6819

33.5834 last

33.4173

33.3885 **

33.3153 *

33.2718 **

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