|

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 price14119.2
Today Daily Change15.8885
Today Daily Change %0.11%
Today daily open14103.3115
 
Trends
Daily SMA2014086.7056
Daily SMA5014101.9322
Daily SMA10014118.2501
Daily SMA20014167.1161
 
Levels
Previous Daily High14172.7
Previous Daily Low14097.2
Previous Weekly High14296.292
Previous Weekly Low13896.3
Previous Monthly High14296.292
Previous Monthly Low13896.3
Daily Fibonacci 38.2%14126.041
Daily Fibonacci 61.8%14143.859
Daily Pivot Point S114076.1077
Daily Pivot Point S214048.9038
Daily Pivot Point S314000.6077
Daily Pivot Point R114151.6077
Daily Pivot Point R214199.9038
Daily Pivot Point R314227.1077

Author

Anil Panchal

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.

More from Anil Panchal
Share:

Editor's Picks

EUR/USD: US Dollar to remain pressured until uncertainty fog dissipates

Unimpressive European Central Bank left monetary policy unchanged for the fifth consecutive meeting. The United States first-tier employment and inflation data is scheduled for the second week of February. EUR/USD battles to remain afloat above 1.1800, sellers moving to the sidelines.

GBP/USD softens to near 1.3600 as BoE hints further rate cuts

The GBP/USD pair loses ground to near 1.3610 during the early Asian session on Monday. The Pound Sterling softens against the Greenback amid growing expectations of the Bank of England’s interest-rate cut. Traders will take more cues from the Fedspeak later on Monday.

Gold holds gains near $5,000 as China's gold buying drives demand

Gold price clings to the latest uptick near $5,000 in Asian trading on Monday. The precious metal holds its recovery amid a weaker US Dollar and rising demand from the Chinese central bank. The delayed release of the US employment report for January will be in the spotlight later this week.

Bitcoin Weekly Forecast: The worst may be behind us

Bitcoin price recovers slightly, trading at $65,000 at the time of writing on Friday, after reaching a low of $60,000 during the early Asian trading session. The Crypto King remained under pressure so far this week, posting three consecutive weeks of losses exceeding 30%.

Weekly column: Saturn-Neptune and the end of the Dollar’s 15-year bull cycle

Tariffs are not only inflationary for a nation but also risk undermining the trust and credibility that go hand in hand with the responsibility of being the leading nation in the free world and controlling the world’s reserve currency.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.