USD/TRY may rise 1029 - 1516 pips

Our pivot point is at 33.6061.

Our preference

The upside prevails as long as 33.6061 is support.

Alternative scenario

Below 33.6061, expect 33.5248 and 33.4764.

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 positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 33.7848 and 33.7602).

Supports and resistances

34.0731 **

34.0245 *

33.9759 **

33.9272

33.8243 last

33.6381

33.6061 **

33.5248 *

33.4764 **

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