USD/TRY may rise to 34.4625 - 34.5444

Our pivot point is at 33.9886.

Our preference

As long as 33.9886 is support look for 34.5444.

Alternative scenario

Below 33.9886, expect 33.8519 and 33.7705.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 34.1836 and 33.9937).

Supports and resistances

34.7081 **

34.6263 *

34.5444 **

34.4625

34.2625 last

34.0423

33.9886 **

33.8519 *

33.7705 **

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