USD/IDR technical analysis: Looks sidelined inside the triangle below 200-bar SMA
|- USD/IDR remains inside the one-week-old symmetrical triangle.
- Prices stay below key short-term Simple Moving Average (SMA), indicating weakness in momentum.
USD/IDR keeps following an immediate trading range while taking rounds to 14,043 during early Wednesday.
The pair needs to break a one-week-old symmetrical triangle, currently between 14,010 and 14,090, to register further momentum.
Adding to the upside barriers is the 50% Fibonacci retracement of September-October upside, at 14,080, 200-day SMA level of 14,120 and a downward sloping trend-line since October 08, at 14,170.
Meanwhile, the pair’s downside break of 14,010 may take rest around 13,980 before revisiting September month's bottom close to 13,880.
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.