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.

Omkar Godbole FXStreet Contributor

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

USD/IDR

Overview
Today last price	16297
Today Daily Change	213.4500
Today Daily Change %	1.33
Today daily open	16083.55

Trends
Daily SMA20	14904.2625
Daily SMA50	14192.701
Daily SMA100	14088.013
Daily SMA200	14104.6815

Levels
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

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

EUR/USD challenges 1.1800, two-week lows

EUR/USD remains on the defensive, extending its leg lower to the vicinity of the 1.1800 region, or two-week lows, on Tuesday. The move lower comes as the US Dollar gathers further traction ahead of key US data releases, inclusing the FOMC Minutes, on Wednesday.

GBP/USD looks weaker near 1.3500

GBP/USD adds to Monday’s pessimism and puts the 1.3500 support to the test on Tuesday. Cable’s marked pullback comes in response to extra gains in the Greenback while disappointing UK jobs data also collaborate with the offered bias around the British Pound.

Gold recovers modestly, stays deep in red below $4,950

Gold (XAU/USD) stages a rebound but remains deep in negative territory below $4,950 after touching its weakest level in over a week near $4,850 earlier in the day. Renewed US Dollar strength makes it difficult for XAU/USD to gather recovery momentum despite the risk-averse market atmosphere.

Crypto Today: Bitcoin, Ethereum, XRP upside looks limited amid deteriorating retail demand

The cryptocurrency market extends weakness with major coins including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trading in sideways price action at the time of writing on Tuesday.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.