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.

Anil Panchal FXStreet

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

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 flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.