USD/TRY may rise 744 - 1092 pips

33.8512 is our pivot point.

Our preference

The upside prevails as long as 33.8512 is support.

Alternative scenario

The downside breakout of 33.8512 would call for 33.7930 and 33.7583.

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 34.0029 and 33.9911). Finally, the USD/TRY is trading above its upper Bollinger band (standing at 34.0400).

Supports and resistances

34.2218 **

34.1870 *

34.1521 **

34.1173

34.0429 last

33.8741

33.8512 **

33.7930 *

33.7583 **

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