USD/IDR Price Analysis: Better bid, but still trapped in a contracting range

  • USD/IDR's daily candles show the pair has is trapped in a narrowing price range. 
  • A range breakout above 16,500 is needed to put the bulls into the driver's seat.

USD/IDR is currently trading near 16,300, representing a 1.3 percent daily decline in Indonesia's Rupiah.

While the pair is better bid, it is still trapped in a contracting range represented by the consecutive inside day candles created over the previous two trading days.

An inside day candle occurs when the size of the daily candle fits within the range of the preceding day's candle and indicates consolidation or indecision in the market place.

As a result, the next move depends on the direction in which the range is breached. A close above Wednesday's high of 16,500 would imply range breakout, while acceptance under Wednesday's low of 16,027 would confirm range breakdown.

Daily chart

Trend: Neutral

Technical levels


Today last price 16297
Today Daily Change 213.4500
Today Daily Change % 1.33
Today daily open 16083.55
Daily SMA20 14904.2625
Daily SMA50 14192.701
Daily SMA100 14088.013
Daily SMA200 14104.6815
Previous Daily High 16500
Previous Daily Low 16027.05
Previous Weekly High 16495
Previous Weekly Low 14612.9865
Previous Monthly High 14435
Previous Monthly Low 13586.7255
Daily Fibonacci 38.2% 16207.7169
Daily Fibonacci 61.8% 16319.3331
Daily Pivot Point S1 15907.0667
Daily Pivot Point S2 15730.5833
Daily Pivot Point S3 15434.1167
Daily Pivot Point R1 16380.0167
Daily Pivot Point R2 16676.4833
Daily Pivot Point R3 16852.9667



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