USD/COP may rise 2753 - 4133 pips

Our pivot point is at 3991.00.

Our preference

Rebound towards 4050.50.

Alternative scenario

The downside breakout of 3991 would call for 3967.80 and 3954.10.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 4011.10 and 4029.10).

Supports and resistances

4078.00 **

4064.30 *

4050.50 **

4036.70

4009.17 last

4000.10

3991.00 **

3967.80 *

3954.10 **

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