- The USD/IDR pair stays above near-term key supports despite the latest pullback.
- A two-week-old rising trend-line holds the key to mid-August highs.
Irrespective of the bearish MACD-backed retracement, USD/IDR remains above near-term key supports while trading near 14,200 amid Asian session on Thursday.
In doing so, buyers are hopeful to confront two-week-old rising trend-line, near 14,310, in order to aim for mid-August tops nearing 14,360.
Alternatively, 61.8% Fibonacci retracement of August-September declines, at 14,180, and 50-bar simple moving average (SMA) near 14,165, can keep limiting the pair’s immediate downside despite the bearish signal by 12-bar moving average convergence and divergence (MACD) indicator.
However, pair’s dip beneath 14,165 opens the gate for extended south-run to 14,000-13,995 area including 23.6% Fibonacci retracement whereas September month low close to 13,880 could please bears afterward.
USD/IDR 4-hour chart
Trend: bullish
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