• 4 hours Military Coups Are Big Business
  • 21 hours Crypto Market Crashes As Tesla Turns Its Back On Bitcoin
  • 2 days Gold Bulls Are Facing An Uphill Battle
  • 3 days Has The Dogecoin Hype Fizzled?
  • 5 days America's Semiconductor Shortage Is Just Getting Started
  • 8 days The EU Begins Backtracking On China Trade
  • 9 days Americans Are Sick Of Unfair Taxation
  • 11 days No Jab, No Job: The New Hardline Policy of U.S. Employers
  • 13 days What’s Included In Biden’s $6 Trillion Economic Plan?
  • 14 days The “Great Car Comeback” Brightens Oil Demand Outlook
  • 15 days The 3 Most Profitable Covid-19 Vaccine Stocks
  • 17 days Beijing Launches Digital Currency To Break AliPay-WeChat Duopoly
  • 18 days The New Economic World Order After Covid-19
  • 22 days 3 Signals To Watch For A Stock Market Correction
  • 24 days Netflix Earnings Red Alert: Subscriptions Could Underwhelm
  • 25 days Wall Street Banks Are Back
  • 25 days Elon Musk’s SpaceX Scores Big Win Over Jeff Bezos’ Blue Origin
  • 26 days Which Country Is The World’s Largest Investor In Batteries?
  • 28 days Are Bitcoin’s Environmental Risks Overblown?
  • 28 days Why The Gold Rush Ran Out Of Steam
Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

  1. Home
  2. Markets
  3. Other

The Colombian Peso Going Higher

The Colombian peso has increased value against the US dollar as laid out in previous analysis, The Colombian Peso!, produced on 21st February 2016 when the USDCOP was trading at 3.358,500. Price is now 2.974,000.

I expect the USDCOP currency pair to continue its decline so let’s review the daily chart.


USD/COP Daily Chart

USD/COP Daily Chart

Price has recently formed a triple top denoted by the numbers 1, 2 and 3. This is a bearish triple top as it is with the trend and therefore new lows should be expected.

I have drawn a Fibonacci Fan from the top to swing low. This shows some nice price symmetry with the first top at resistance retroactively from the 23.6% angle, the second top at resistance from the 61.8% angle while the most recent third top at resistance from the 76.4% angle. I now expect price to trade to new lows with a test of support from the 61.8% angle to occur later down the track.

The Bollinger Bands show price is back at the middle band and price may do some work around this band before continuing on down.

The 100 (red) and 200 (black) daily moving averages are in bearish formation with the black line providing formidable resistance each time price gets back to it.

The RSI is weak while the MACD indicator is bearish.

Summing up, there is no change to the previous bearish USDCOP forecast. I expect the Colombian peso to continue its good run.

 

Back to homepage

Leave a comment

Leave a comment