USD/TRY may rise to 34.5895 - 34.8636

33.5200 is our pivot point.

Our preference

The upside prevails as long as 33.5200 is support.

Alternative scenario

Below 33.5200, expect 33.0617 and 32.7889.

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 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 33.6174 and 33.1569).

Supports and resistances

35.4117 **

35.1377 *

34.8636 **

34.5895

34.0298 last

33.7000

33.5200 **

33.0617 *

32.7889 **

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