USD/IDR technical analysis: 14,140/45 is the level to beat for buyers

Resistance-line of a short-term failing channel, 4H 200MA limit the USD/IDR pair’s latest recovery.
13,885 and channel’s support-line could please sellers during fresh entry.

Anil Panchal FXStreet

Having breached immediate resistance-line, USD/IDR takes the bids to 13,941 during early Tuesday.

Break of short-term upside barrier and absence of oversold technical indicators favors the pair’s further recovery towards last week's high around $14,030 and 38.2% Fibonacci retracement level of 14,080.

However, 200-bar moving average (4H 200MA) and upper-line of the channel can limit the quote’s further advances around 14,140/45.

In a case buyers refrain from respecting 14,145, 61.8% Fibonacci retracement level of 14,285 and June 18 high around 14,420 will become their targets.

On the contrary, 13,885 and channel-support close to 13,830 hold the keys to the quote’s fresh drop towards 13,750.

USD/IDR 4-hour chart

Trend: Pullback expected

1. R3 14024.33
2. R2 13999.67
3. R1 13969.33
PP 13944.67
1. S1 13914.33
2. S2 13889.67
3. S3 13859.3333

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.

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