USD/TRY may rise 1240 - 1747 pips

Our pivot point stands at 32.5469.

Our preference

The upside prevails as long as 32.5469 is support.

Alternative scenario

The downside breakout of 32.5469 would call for 32.4617 and 32.4110.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (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 32.5147 and 32.3939).

Supports and resistances

32.9183 **

32.8675 *

32.8167 **

32.7660

32.6420 last

32.5803

32.5469 **

32.4617 *

32.4110 **

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