USD/TRY may fall 1229 - 1795 pips

32.7981 is our pivot point.

Our preference

The downside prevails as long as 32.7981 is resistance.

Alternative scenario

The upside breakout of 32.7981, would call for 32.8935 and 32.9503.

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 32.7646 and 32.8031). Finally, the USD/TRY is trading below its lower Bollinger band (standing at 32.6853).

Supports and resistances

32.9503 **

32.8935 *

32.7981 **

32.7606

32.6483 last

32.5254

32.4688 **

32.4121 *

32.3555 **

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