USD/COP may rise 2542 - 3812 pips

Our pivot point stands at 4014.10.

Our preference

As long as 4014.10 is support look for 4069.

Alternative scenario

The downside breakout of 4014.10 would call for 3992.80 and 3980.10.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). 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 4029.30 and 4022.10).

Supports and resistances

4094.40 **

4081.70 *

4069.00 **

4056.30

4030.88 last

4022.50

4014.10 **

3992.80 *

3980.10 **

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