USD/IDR technical analysis: Immediate upside restricted around 14,032/40 amid bearish MACD
|- USD/IDR confronts 50-bar SMA, 61.8% Fibonacci retracement amid bearish MACD signal.
- The short-term symmetrical triangle limits the pair’s moves.
Despite bouncing off during the post-Indonesia inflation release, on Friday, USD/IDR fails to clear the key resistance confluence while taking rounds to 14,035 on early Monday.
Prices need to clear 14,032/40 area including 50-bar Simple Moving Average (SMA) and 61.8% Fibonacci retracement of September-October upside to extend the latest pullback towards 14,080, comprising 50% Fibonacci retracement.
Though, pair’s further advances will be challenged by a descending trend line since October 16, at 14,120, if not then 14,200 and 14,230 will be the key to watch.
Alternatively, pair’s immediate declines are confined by an upward sloping support line since October 24, at 13,996 now, if not then 13,970 and 13,880 should be on sellers’ radar.
Considering bearish signal from 12-bar Moving Average Convergence and Divergence (MACD), prices could find hard to extend the recent recovery.
USD/IDR 4-hour chart
Trend: sideways
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.