USD/TRY may rise 877 - 1291 pips

Our pivot point stands at 33.4766.

Our preference

As long as 33.4766 is support look for 33.8074.

Alternative scenario

Below 33.4766, expect 33.4073 and 33.3660.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (33.6896) but above its 50 period moving average (33.6520). Finally, the USD/TRY is trading below its lower Bollinger band (standing at 33.6791).

Supports and resistances

33.8902 **

33.8488 *

33.8074 **

33.7660

33.6783 last

33.5038

33.4766 **

33.4073 *

33.3660 **

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