USD/TRY may rise 909 - 1346 pips

33.3636 is our pivot point.

Our preference

Look for a drop towards 33.3636 before a bounce.

Alternative scenario

Below 33.3636, expect 33.2904 and 33.2469.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and below its signal line. The penetration of 50 on the RSI would call for further downside. Moreover, the price is above its 20 and 50 period moving average (respectively at 33.5586 and 33.5506).

Supports and resistances

33.7896 **

33.7459 *

33.7021 **

33.6584

33.5675 last

33.3923

33.3636 **

33.2904 *

33.2469 **

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