USD/TRY may fall 1189 - 1625 pips

Our pivot point is at 33.5723.

Our preference

Under pressure below 33.5723.

Alternative scenario

Above 33.5723, look for 33.6456 and 33.6893.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 33.5092 and 33.4995).

Supports and resistances

33.6893 **

33.6456 *

33.5723 **

33.5435

33.4880 last

33.3691

33.3255 **

33.2819 *

33.2384 **

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