USD/IDR Price News: Indonesian rupiah regains 14,500 inside short-term rising triangle
- USD/IDR marks another failure to rise beyond 14,620.
- 14,380 might offer immediate support ahead of the triangle’s lower line.
- Bulls can aim for 15,000 on the upside break of the formation.
USD/IDR seesaws around 14,500 while heading into the European session on Thursday. The pair earlier took a U-turn from a five-week-old horizontal resistance, forming part of a short-term ascending triangle. As a result, sellers keep eyes on the bearish pattern’s support for fresh impetus.
However, 14,380 is likely acting as a buffer before the quote slips below 14,170 to confirm further downside supporting formation. In doing so, 14,000 could become a rest-point during the fall to the previous month’s low near 13,850.
Meanwhile, an upside clearance of 14,620 will defy the chart play. Though, 14,680 and 14,900 could test the bulls before opening the door for the May 25 high of 15,017.
During the USD/IDR pairs’ additional rise past-15,017, 15,120 and 15,230 should check the buyers ahead of the May month’s top beyond 15,400.
USD/IDR four-hour chart
Trend: Pullback expected
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.
