USD/COP may rise 2830 - 4250 pips

Our pivot point stands at 4030.30.

Our preference

As long as 4030.30 is support look for 4091.50.

Alternative scenario

The downside breakout of 4030.30 would call for 4006.50 and 3992.40.

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 below its signal line. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 4048.80 and 4023.10).

Supports and resistances

4119.80 **

4105.60 *

4091.50 **

4077.30

4049.00 last

4039.70

4030.30 **

4006.50 *

3992.40 **

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