USD/TRY may fall 1597 - 2242 pips

Our pivot point stands at 32.9579.

Our preference

Under pressure below 32.9579.

Alternative scenario

Above 32.9579, look for 33.0664 and 33.1310.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 32.9129 and 32.8727).

Supports and resistances

33.1310 **

33.0664 *

32.9579 **

32.9153

32.8654 last

32.7057

32.6412 **

32.5767 *

32.5122 **

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