USD/TRY may rise 532 - 776 pips

Our pivot point is at 34.0939.

Our preference

The upside prevails as long as 34.0939 is support.

Alternative scenario

The downside breakout of 34.0939 would call for 34.0530 and 34.0287.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 34.2574 and 34.2611).

Supports and resistances

34.3916 **

34.3672 *

34.3427 **

34.3183

34.2651 last

34.1099

34.0939 **

34.0530 *

34.0287 **

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