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.

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