USD/TRY may fall 1836 - 2079 pips

Our pivot point stands at 34.2871.

Our preference

Under pressure below 34.2871.

Alternative scenario

The upside breakout of 34.2871, would call for 34.3282 and 34.3526.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 34.2570 and 34.2552). Finally, the USD/TRY has penetrated its lower Bollinger band (34.2342).

Supports and resistances

34.3526 **

34.3282 *

34.2871 **

34.2710

34.2310 last

34.0474

34.0231 **

33.9987 *

33.9744 **

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