USD/TRY may rise 730 - 1054 pips

Our pivot point is at 32.0875.

Our preference

The upside prevails as long as 32.0875 is support.

Alternative scenario

Below 32.0875, expect 32.0335 and 32.0013.

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 positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 32.2005 and 32.1876). Finally, the USD/TRY has crossed above its upper Bollinger band (32.2899).

Supports and resistances

32.4619 **

32.4295 *

32.3972 **

32.3648

32.2918 last

32.1088

32.0875 **

32.0335 *

32.0013 **

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