USD/IDR technical analysis: Immediate resistance-line questions upside momentum at 14,410
|- A month-old ascending channel portrays the pair’s strength.
- Immediate downward sloping trend-line questions the upside momentum.
With a week-long descending trend-line challenging its near-term upside bias, the USD/IDR pair trades near 14,460 during early Tuesday.
The pair has been following an upward sloping trend-channel formation since late-April but its latest trading pattern gives rise to an immediate resistance-line on H4.
As a result, 14,520 can act as immediate resistance for the pair ahead of 14,580 and the channel’s upper-line of 14,640.
Should there be increased upside past-14,640, the quote can extend its north-run towards 14,665 and 14,720.
Meanwhile, a downside break of channel-support, at 14,410 now, can trigger fresh declines in the direction to 61.8% Fibonacci retracement of late-April upside, at 14,300.
Given the bears’ refrain from respecting 14,300 rest-point, 14,180 and 14,100 can offer intermediate stops to the downturn targeting 14,000 mark.
USD/IDR 4-Hour chart
Trend: Pullback expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.