USD/RON may rise 151 - 217 pips

4.6293 is our pivot point.

Our preference

The upside prevails as long as 4.6293 is support.

Alternative scenario

Below 4.6293, expect 4.6181 and 4.6115.

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 positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 4.6312 and 4.6303). Finally, the USD/RON has crossed above its upper Bollinger band (4.6379).

Supports and resistances

4.6749 **

4.6683 *

4.6616 **

4.6550

4.6399 last

4.6337

4.6293 **

4.6181 *

4.6115 **

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