USD/IDR technical analysis: Bulls stepping back from 2-week high, 61.8% Fibo. in the spotlight

  • Failure to successfully cross the key resistance triggered the pair’s pullback from the month’s high.
  • 61.8% Fibonacci retracement and two-month-old support-line are on the sellers’ radar.

Failure to hold the break of 4H 200MA and 50% Fibonacci retracement propelled, presently pulls the USD/IDR pair towards 61.8% Fibonacci retracement as the quote is taking the rounds to 14,280 during initial Friday.

Should prices slide beneath 61.8% Fibonacci retracement of its April month upside near 14,260, an ascending trend-line stretched since mid-April at 14,198 seems the key support to watch.

In a case where the pair drops under 14,198, current month low surrounding 14,155, 14,050 and 14,000 could become bears’ favorites.

On the contrary, 50% Fibonacci retracement and 200-bar moving average (4H 200MA), near 14,345, seems a tough upside resistance as sustained trading beyond the same can propel prices to multiple highs marked by the end of May 30 surrounding 14,410 and then to 38.2% Fibonacci retracement at 14,434.

If buyers ignore overbought levels of 14-bar relative strength index (RSI) and fuel prices beyond 14,434, 14,475 and a month-long descending trend-line near 14,525 could flash on their radar.

USD/IDR 4-Hour chart

Trend: Pullback expected

    1. R3 14524.33 
    2. R2 14433.67 
    3. R1 14388.33 
  1. PP 14297.67 
    1. S1 14252.33 
    2. S2 14161.67 
    3. S3 14116.33


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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Latest Forex News

Editors’ Picks

USD/JPY holds steady around 107.25 on BOJ's status-quo

USD/JPY shows little reaction to the BOJ's status-quo on the monetary policy decision and downbeat quarterly outlook report. The spot also remains unfazed by the risk-on rally in the Asian equities amid coronavirus vaccine hopes. 


AUD/USD off five-week highs, battles 0.70 amid coronavirus vaccine hopes

AUD/USD is off the five-week highs to battle 0.7000. The pair benefits from the risk-on market mood amid coronavirus vaccine hopes. The bulls remain undeterred by the latest US-China tensions. 


EUR/USD hits four-month high of 1.1423

EUR/USD prints a four-month high of 1.1423 in Asia. The pair witnessed a bullish breakout above 1.1349 on Tuesday. The pair closed well above 1.1349 on Tuesday, invalidating the bearish lower high setup created on the daily chart on June 23.


Gold: Daily chart shows temporary uptrend exhaustion

Gold's daily chart shows a bearish divergence of the MACD, a sign of uptrend exhaustion. A break below the 10-day SMA could prove costly. The metal looks vulnerable to price pullback.

Gold News

Chart of the Day: DXY

The DXY is in a "bear flag" pattern currently and the target is well below the 94.00 level on a breakdown. However, there is a downtrend line (blue) and if this is broken it will negate the bear flag and turn ...

Read more