USD/IDR technical analysis: Pullback from 100-DMA highlights near-term support-line, 23.6% Fibo.
|- 100-DMA limits USD/IDR upside off-late while a 20-week old ascending trend-line confines the quote’s declines.
- 23.6% Fibonacci retracement of current year movement adds support to the downside.
Having registered another failure to cross 100-day moving average (100-DMA), USD/IDR drops back to 14,125 during early Wednesday in Asia.
An upward sloping trend-line since February start near 14,090 grabs the market attention for now, a break of which could open the door for the pair’s extended downpour to 23.6% Fibonacci retracement level of 13,976.
Should prices keep declining past-13,976, February month low near 13,860 becomes sellers’ favorite.
Meanwhile, pair’s ability to cross the 100-DMA level of 14,209 still needs to successfully trade beyond 50% Fibonacci retracement of 14,236 in order to justify strength to target 61.8% Fibonacci retracement level of 14,351.
In a case, buyers refrain from respecting 14,351 resistance, 200-DMA level of 14,416 will regain market attention.
USD/IDR daily chart
Trend: Bearish
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.