USD/TRY may rise 519 - 763 pips

Our pivot point stands at 34.1478.

Our preference

The upside prevails as long as 34.1478 is support.

Alternative scenario

The downside breakout of 34.1478 would call for 34.1069 and 34.0825.

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 34.2619 and 34.2536).

Supports and resistances

34.4026 **

34.3782 *

34.3537 **

34.3293

34.2774 last

34.1639

34.1478 **

34.1069 *

34.0825 **

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