USD/TRY may rise 322 - 477 pips

Our pivot point stands at 34.2169.

Our preference

The upside prevails as long as 34.2169 is support.

Alternative scenario

Below 34.2169, expect 34.1909 and 34.1754.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 34.2370 and 34.2388). Finally, the USD/TRY is trading above its upper Bollinger band (standing at 34.2539).

Supports and resistances

34.3331 **

34.3176 *

34.3021 **

34.2866

34.2544 last

34.2271

34.2169 **

34.1909 *

34.1754 **

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