USD/TRY may rise 375 - 493 pips

Our pivot point is at 34.0755.

Our preference

Rebound.

Alternative scenario

The downside breakout of 34.0755 would call for 34.0558 and 34.0440.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above its 20 period moving average (34.2139) but under its 50 period moving average (34.2296).

Supports and resistances

34.3021 **

34.2903 *

34.2785 **

34.2667

34.2292 last

34.0832

34.0755 **

34.0558 *

34.0440 **

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