• 614 days Will The ECB Continue To Hike Rates?
  • 614 days Forbes: Aramco Remains Largest Company In The Middle East
  • 616 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,016 days Could Crypto Overtake Traditional Investment?
  • 1,021 days Americans Still Quitting Jobs At Record Pace
  • 1,023 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,026 days Is The Dollar Too Strong?
  • 1,026 days Big Tech Disappoints Investors on Earnings Calls
  • 1,027 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,029 days China Is Quietly Trying To Distance Itself From Russia
  • 1,029 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,033 days Crypto Investors Won Big In 2021
  • 1,033 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,034 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,036 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,037 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,040 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,041 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,041 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,043 days Are NFTs About To Take Over Gaming?
Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

Lending: The Good, Bad, And Ugly

Lending: The Good, Bad, And Ugly

Aristotle said, “The most hated…

Trade In Counterfeit Goods Hits Half A Trillion Dollars

Trade In Counterfeit Goods Hits Half A Trillion Dollars

The counterfeit market has breached…

  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