USD/TRY may rise 345 - 500 pips

Our pivot point stands at 34.2143.

Our preference

The upside prevails as long as 34.2143 is support.

Alternative scenario

Below 34.2143, expect 34.1883 and 34.1728.

Comment

The RSI is above its neutrality area at 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 34.2384 and 34.2364).

Supports and resistances

34.3289 **

34.3135 *

34.2980 **

34.2825

34.2480 last

34.2245

34.2143 **

34.1883 *

34.1728 **

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