USD/TRY may rise 1037 - 1525 pips

33.9235 is our pivot point.

Our preference

The upside prevails as long as 33.9235 is support.

Alternative scenario

The downside breakout of 33.9235 would call for 33.8414 and 33.7926.

Comment

The RSI is above 50. 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 33.9566 and 33.9307). Finally, the USD/TRY has crossed above its upper Bollinger band (33.9913).

Supports and resistances

34.2427 **

34.1938 *

34.1449 **

34.0961

33.9924 last

33.9558

33.9235 **

33.8414 *

33.7926 **

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