USD/COP may rise 2966 - 4456 pips

Our pivot point is at 4021.70.

Our preference

As long as 4021.70 is support look for 4085.90.

Alternative scenario

The downside breakout of 4021.70 would call for 3996.80 and 3981.90.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (4042.30) but above its 50 period moving average (4028.20).

Supports and resistances

4115.60 **

4100.80 *

4085.90 **

4071.00

4041.34 last

4031.50

4021.70 **

3996.80 *

3981.90 **

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