USD/IDR technical analysis: Immediate resistance-line questions upside momentum at 14,410

A month-old ascending channel portrays the pair’s strength.
Immediate downward sloping trend-line questions the upside momentum.

Anil Panchal FXStreet

With a week-long descending trend-line challenging its near-term upside bias, the USD/IDR pair trades near 14,460 during early Tuesday.

The pair has been following an upward sloping trend-channel formation since late-April but its latest trading pattern gives rise to an immediate resistance-line on H4.

As a result, 14,520 can act as immediate resistance for the pair ahead of 14,580 and the channel’s upper-line of 14,640.

Should there be increased upside past-14,640, the quote can extend its north-run towards 14,665 and 14,720.

Meanwhile, a downside break of channel-support, at 14,410 now, can trigger fresh declines in the direction to 61.8% Fibonacci retracement of late-April upside, at 14,300.

Given the bears’ refrain from respecting 14,300 rest-point, 14,180 and 14,100 can offer intermediate stops to the downturn targeting 14,000 mark.

USD/IDR 4-Hour chart

Trend: Pullback expected

1. R3 14595.5
2. R2 14551
3. R1 14515
PP 14470.5
1. S1 14434.5
2. S2 14390
3. S3 14354

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 shifts its attention to 1.1900 and above

EUR/USD has shaken off Tuesday’s dip, pushing back beyond the 1.1800 mark amid decent gains as Wednesday’s session draws to a close. The rebound is largely driven by a modest pullback in the US Dollar, as markets digest the aftermath of President Trump’s SOTU speech and continue to monitor trade-related headlines and signals from the White House.

GBP/USD bounces as soft CPI boosts BoE cut bets

GBP/USD rose 0.42% on Wednesday, recovering toward 1.3600 in a session shaped by softer-than-expected UK inflation data and broad US Dollar weakness. The pair had been consolidating in a tight range between about 1.3450 and 1.3520 for the past few days following the sharp pullback from the late-January high near 1.3870, and Wednesday's move pushed price action back onto the high side of key moving averages.

Gold retains positive bias amid sustained safe-haven demand, softer USD

Gold attracts some buyers for the second straight day as trade jitters and geopolitical tensions ahead of the US-Iran nuclear talks underpin demand for safe-haven assets. Apart from this, a softer US Dollar further supports the bullion, though the underlying bullish sentiment could cap gains. Bulls might also opt to wait for acceptance above the $5,200 mark before positioning for any meaningful appreciating move.

UK financial watchdog advances stablecoin oversight as four firms pilot issuance

The Financial Conduct Authority in the United Kingdom is advancing toward the final stablecoin regulatory framework with a pilot program involving four companies, including Monee, Financial Technologies ReStabilise, Revolut and VVTX.

Nvidia delivers another monster earnings report, and forecasts big things to come

It was another monster earnings report from Nvidia for fiscal Q4. Revenues were $68.1bn, smashing estimates of $65bn. Gross profit margin was a healthy 75%, up from 73.5% in the prior quarter, and the outlook for this quarter was monstrous.

Cosmos Hub Price Forecast: ATOM rebounds slightly, bearish outlook remains intact

Cosmos Hub (ATOM) price rebounds, trading above $2.05 at the time of writing on Wednesday, after undergoing a sharp correction since last week. Weakening on-chain and derivatives data support a bearish outlook, while technical analysis remains unfavorable.