USD/TRY may rise 492 - 736 pips

Our pivot point stands at 34.2254.

Our preference

The upside prevails as long as 34.2254 is support.

Alternative scenario

The downside breakout of 34.2254 would call for 34.1843 and 34.1599.

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 34.2441 and 34.2573).

Supports and resistances

34.3906 **

34.3662 *

34.3417 **

34.3173

34.2681 last

34.2415

34.2254 **

34.1843 *

34.1599 **

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