USD/TRY may rise to 34.4998 - 34.8367

Our pivot point stands at 33.1781.

Our preference

The upside prevails as long as 33.1781 is support.

Alternative scenario

Below 33.1781, expect 32.6156 and 32.2809.

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 33.2755 and 32.8435).

Supports and resistances

35.5103 **

35.1735 *

34.8367 **

34.4998

33.8199 last

33.3990

33.1781 **

32.6156 *

32.2809 **

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