USD/IDR technical analysis: 100-day SMA challenges trend-line breakout near 14,200

Unless clearing 100-day SMA chances of 14,090 comeback can’t be denied.
14,335 and 200-day SMA adds to the resistance list during the extended rise.

Anil Panchal FXStreet

Despite clearing seven weeks long descending trend-line resistance, the USD/IDR pair still struggles under 100-day simple moving average (SMA) level of 14,200 during early Friday.

With this, chances of its pullback to 14,090 can’t be denied if the quote slips beneath 14,150 resistance-turned-support line.

Also, pair’s extended downturn past-14,090 can be challenged by 14,000 round-figure, which if broken can recall February month lows near 13,895.

On the contrary, an upside clearance of 100-day SMA level of 14,200 opens the door for the pair rise to March highs near 14,335 and then to 14,400 whereas 200-day SMA level of 14,485 could cap the following rise.

In a case where the quote crosses 14,485 resistance, 14,600 could be targeted if holding long positions.

USD/IDR daily chart

Trend: Pullback expected

1. R3 15170.07
2. R2 14944.03
3. R1 14580.77
PP 14354.73
1. S1 13991.47
2. S2 13765.43
3. S3 13402.17

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.

EUR/USD trims losses, back to 1.1830

EUR/USD manages to regain some composure, leaving behind part of the earlier losses and reclaim the 1.1830 region on Tuesday. In the meantime, the US Dollar’s upside impulse loses some momentum while investors remain cautious ahead of upcoming US data releases, including the FOMC Minutes.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

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.