USD/TRY may fall 1652 - 1807 pips

Our pivot point stands at 34.2667.

Our preference

The downside prevails as long as 34.2667 is resistance.

Alternative scenario

The upside breakout of 34.2667, would call for 34.2928 and 34.3082.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 34.2578 and 34.2677). Finally, the USD/TRY is trading below its lower Bollinger band (standing at 34.2422).

Supports and resistances

34.3082 **

34.2928 *

34.2667 **

34.2565

34.2394 last

34.0742

34.0587 **

34.0433 *

34.0279 **

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