USD/COP may rise to 4326.40 - 4423.30

Our pivot point stands at 4004.90.

Our preference

As long as 4004.90 is support look for 4423.30.

Alternative scenario

The downside breakout of 4004.90 would call for 3842.10 and 3745.30.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 4083.30 and 3957.60).

Supports and resistances

4617.00 **

4520.10 *

4423.30 **

4326.40

4132.71 last

4068.80

4004.90 **

3842.10 *

3745.30 **

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