Indonesian Rupiah Price News: USD/IDR gains below 14,400 inside short-term rising channel
- USD/IDR extends the previous day’s losses inside a one-month-old ascending trend channel.
- MACD signals further weakness but the channel’s support holds the key to sub-14,000 area.
- 14,680/90 becomes the key upside barrier to follow during recoveries.
USD/IDR drop 0.20% to 14,384 while heading into the European session on Tuesday. The quote recedes for the second day in a row while staying inside an upward sloping channel formed since June 02.
While RSI remains mostly normal, bearish MACD suggests further downside of the pair. As a result, the channel’s support near 14,230 gains market-attention. Though, a break of which might not refrain from attacking the 14,000 threshold.
Should the bears succeed below 14,000, June month low near 13,850 could return to the charts.
Alternatively, 14,600 can entertain the counter-trend traders ahead of 14,680/90 resistance confluence comprising the said bullish formation’s upper line and a horizontal area including multiple lows marked since late-May.
Given the bulls’ ability to cross 14,690, also clear 14,700 psychological magnet daily, 15,000 may appear in the spotlight.
USD/IDR four-hour chart
Trend: Bullish
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
