USD/TRY may rise 1125 - 1634 pips

Our pivot point stands at 32.6245.

Our preference

The upside prevails as long as 32.6245 is support.

Alternative scenario

Below 32.6245, expect 32.5391 and 32.4882.

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 trading above both its 20 and 50 period moving average (respectively at 32.5567 and 32.4258).

Supports and resistances

32.9661 **

32.9152 *

32.8644 **

32.8135

32.7010 last

32.6580

32.6245 **

32.5391 *

32.4882 **

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