USD/IDR trades near 14,080 while heading into the European open on Wednesday, the day of Indonesian general election.
While 21-day simple moving average (SMA) seems to restrict the quote’s near-term upside around 14,170, a downward sloping trend-line since late- December is acting as a strong resistance for the buyers to confront near 14,250.
Should prices manage to clear 14,250 upside barrier on a daily closing basis, 14,350 and the March month high near 14,420 could be next on the bull’s radar.
On the downside, March month low surrounding 23.6% Fibonacci retracement of December to February downpour, near 14,050, can provide strong support, a break of which can please sellers with 14,000 and late-February lows around 13,940.
Given the bears’ refrain from respecting 13,940 rest-point, February month lows near 13,860 could become their favorite.
USD/IDR daily chart
- R3 14246.17
- R2 14202.33
- R1 14143.67
- PP 14099.83
- S1 14041.17
- S2 13997.33
- S3 13938.67
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.