USD/IDR technical analysis: 4H 50MA offers immediate resistance inside short-term falling wedge


  • USD/IDR bounces off 14-day old support-line but fails to clear 4H 50MA.
  • Short-term falling wedge limits the pair’s moves.

With the 50-bar moving average on the four-hour chart (4H 50MA) limiting the immediate upside of the USD/IDR pair, the quote declines to 14,060 amid initial Asian session on Thursday.

Considering the falling wedge pattern’s existence since August 23, prices are likely declining towards formation support of 14,000 while July 25 low near 13,940 and July 19 low close to 13,880 could please sellers next.

In a case prices rise beyond 4H 50MA level of 14,120, pattern resistance of 14,160 becomes the key as a sustained break of which could trigger fresh run-up towards 14,340/50 area including multiple highs marked during late-August.

In a case where prices keep rallying past-14,350, 23.6% Fibonacci retracement of July-August upside near 14,420 and August month top surrounding 14,580 will come back to the chart.

USD/IDR 4-hour chart

Trend: sideways

additional important levels

Overview
Today last price 14057.4
Today Daily Change 3.0000
Today Daily Change % 0.02%
Today daily open 14054.4
 
Trends
Daily SMA20 14187.0575
Daily SMA50 14135.996
Daily SMA100 14209.3045
Daily SMA200 14209.011
Levels
Previous Daily High 14099.8
Previous Daily Low 14019
Previous Weekly High 14276.5
Previous Weekly Low 14030.05
Previous Monthly High 14582.9
Previous Monthly Low 14075
Daily Fibonacci 38.2% 14068.9344
Daily Fibonacci 61.8% 14049.8656
Daily Pivot Point S1 14015.6667
Daily Pivot Point S2 13976.9333
Daily Pivot Point S3 13934.8667
Daily Pivot Point R1 14096.4667
Daily Pivot Point R2 14138.5333
Daily Pivot Point R3 14177.2667

 

 

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