USDCOP trade ideas
CORTO USDCOP A 2610corto en usdcop.esperamos caida hasta el retroceso fibonacci 0.786 que corresponde a los 2610 pesos.buscariamos entrada cuando regrese a testear la media de 200 periodos que actualmente esta en 2982 pesos
Elliott wave analisis in USDCOP, bearish in (2-4)If someone spanish speaking wants a translation, ask and I´ll do it.
Si alguien que hable español quiere una traducción, pidela y la hare.
data on a chart is data on a chart.it doesnt need to be a traded currency pair to be readable as a chart. mastering forex goes a lot more than just being able to trade curreny pairs and stocks, you can actually use your skills to read many other types of data plotted on a chart. this is not a traded currency pair and there are no needs for spikes and "market maker manipulation" yet we see rejection candles that end up as a loss, we see random spikes that go up only to end up going down. only difference is the charts we trade are much cleaner for the same reason that we are making transactions and moving prices on them all day. we are not the only ones who trade currencies, big companies do too and so do random people and we all participate together in this market and we all drive prices up or down together. and our transactions form patterns that give a certain result. here we have a pattern on the colombian peso, will it end up giving us that "certain result"?
Short 1se espera un movimiento que es similar a la distancia entre el punto más alto de la cabeza y el soporte.
Short 1
POSSIBLE SELLINGFirst pivot after breaking trend line and It´s resistince by his moving average of 200 periods.
Dollar bounce back during the week, according to Fed rate would The dollar closed last week with gains, a move that left the door open for a technical rebound; the bullish momentum would be associated with international risk scenario and correction of oil
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Oil moved away from USD50 amid China slowdown and the strong dollar, despite the market expects rates to remain stable after the weak jobs data, Brexit has led to the purchase of risk free assets and strength in the US currency.
Oil started the week USD48,31 which increases the likelihood of gains in the dollar, while the dollar remains over 2,940 is likely to climb to 3,040 and 3,050, the breakdown of the 2940 mean the continuation of the downtrend and fall to 2,870.
Wednesday's rate decision from the Fed force the breakup of the 3,050 as long as interest rates rises or comments that trigger international risk, otherwise vendors might appear between 3000 and 3050.
For now, wait a technical rebound until 3040 and shall evaluate the information to determine the profit taking or a 3.120 dollar. It should set a stop loss below 2,940.
USDCOP wave iv))Everything seems set down the USDCOP go to the level of 38.2%, wave iv)). So the Colombian currency earn 366 pesos per US dollar, thus the probability of rebound in 2827 forming the wave v)) of 3 looking the maximum 3436.
Wave iv)) depends on the EURSUD appreciate a little more, pushing up with this oil.
USDCOP in a downtrendAfter breaking below the short term trend channel, a trend has consolidated and now faces Support at 266.
Short USDCOP, a new trend has begunLast week the dollar broke its medium-term uptrend. With a further rise in rates from the Banco de la República, the intention to enable auction sales with a rise of 3% compared to the TRM average of 20 days and the recovery of oil, vendors will have control of the market during this week.
The $ 3,380 is the new resistance level, so while below this level, the chance to correct to 3,125 levels is high.
Possbile big shortAs you can see the USD/COP pair has never been this high before, also is shown that the RSI shows a divergence, which could mean this pair could drop anytime soon.
Also the economy is rising in Colombia, so in the next few years the Colombian peso could be much more valueable than it is now.
Possible correction in the USDCOPThe inverse correlaion between oil and the dollar remains , therefore fell last week nearly 140 pesos.
With falls on Thursday and Friday a pattern of bearish candles known as "Techo en Pinzas" was formed. This move leaves the 3,320 as a resistance .
While the dollar does not close above 3,320 , there is a likelihood of a correction towards 3,120 or 3,060 ; Prices in this area are above previous minimum and the uptrend line , which act as support areas.
If the dollar closed above 3,330 , it is likely that the upward trend comes back and the dollars set a new high.
USDCOP COLOMBIAN PESO ON THE ZONETHE COLOMBIAN PESO HAS BEEN IN THE 2600S ZONE 3 TIMES IN THE LAST 12 YEARS, AND IT HAS NEVER CLOSED ABOVE 2700. WE NEED TO SEE A BOUNCE IN THE PRICE OF OIL, OR AT LEAST SEE IT HANDLE THE 57-60 LEVEL AND EXPECT THE PESO GO TOWARDS ZONES OF 2200 FOR NOW. MAYBE THE POLICY MAKER OF THE COLOMBIA FINDS OUT WHAT IS OBVIUS AND LET THE PESO GET STRONGER AGAINST THE DOLAR. THE TECHNICALS SHOW THAT IT IS CLEARLY OVERBOUGHT, BUT THE PAIR DEPENDS A LOT OF THE CIRCUMSTANCES OF THE COUNTRY AND THE ACTUAL GOVERNMENT IS REALLY KICKING DOLLARS OF THE COUNTRY AND THAT MAKES HARD THAT THE PESO DEVALUATES A LITTLE.
EVEN THOUGH IS AN INTERESTING THING THAT THE PESO HAS NEVER BEEN ABOVE 2650 LEVEL ALMOS IN THIS MILLENIUM.
