USD/IDR Technical Analysis: Forms rising wedge below 200-DMA


  • USD/IDR stays firm around the six-week top.
  • A rising trend line since late-October repeatedly limits the pair’s upside.
  • Confirmation of the bearish chart pattern could recall July lows.

USD/IDR takes the bids to 14,120 during the pre-European session on Wednesday. The pair stays on the front foot around the highest levels since October 22 but registers repeated failures to cross near-term ascending resistance line. While looking at the rising support line from November 06, in conjunction with the immediate trend line resistance, the pair forms a bearish technical chart pattern.

In order to confirm the bearish formation, the pair needs to slip beneath the support line, at 14,080, which in turn could drag the quote to July lows near 13,900. However, mid-November lows surrounding 14,030 and 14,000 round-figure could offer intermediate halts during the quote’s slump.

Meanwhile, pair’s run-up beyond 14,140 resistance line can take aim at 200-Day Simple Moving Average (DMA) level near 14,160.

In a case where Bulls keep the rein past-14,160, October month high near 14,215 can become their favorite.

USD/IDR daily chart

Trend: Pullback expected

additional important levels

Overview
Today last price 14119.2
Today Daily Change 15.8885
Today Daily Change % 0.11%
Today daily open 14103.3115
 
Trends
Daily SMA20 14086.7056
Daily SMA50 14101.9322
Daily SMA100 14118.2501
Daily SMA200 14167.1161
 
Levels
Previous Daily High 14172.7
Previous Daily Low 14097.2
Previous Weekly High 14296.292
Previous Weekly Low 13896.3
Previous Monthly High 14296.292
Previous Monthly Low 13896.3
Daily Fibonacci 38.2% 14126.041
Daily Fibonacci 61.8% 14143.859
Daily Pivot Point S1 14076.1077
Daily Pivot Point S2 14048.9038
Daily Pivot Point S3 14000.6077
Daily Pivot Point R1 14151.6077
Daily Pivot Point R2 14199.9038
Daily Pivot Point R3 14227.1077

 

 

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