USD/IDR technical analysis: Lacks momentum inside two-month-old triangle

USD/IDR continues in a choppy range inside the near-term symmetrical triangle.
38.2% Fibonacci retracement level, formation support becomes the key for now.

Anil Panchal FXStreet

Despite the USD/IDR pair’s recent U-turn from 50% Fibonacci retracement, it stays inside a multi-week long symmetrical triangle while taking rounds to 14,140 during early Friday.

Sellers await a clear break of 14,115, comprising pattern’s support and 38.2% Fibonacci retracement of April-June downpour, in order to aim for 14,000.

However, 13,880 might question bears during further weakness, if not then June low nearing 13,750 will be on their radar.

On the upside, 50% Fibonacci retracement level of 14,230 acts as an immediate resistance ahead of the upper line of the triangle, at 14,250.

Should prices clear 14,250, 61.8% Fibonacci retracement near 14,345, followed by 14,420 could lure buyers.

USD/IDR daily chart

Trend: sideways

additional important levels

Overview
Today last price	14138.5
Today Daily Change	-5.0000
Today Daily Change %	-0.04%
Today daily open	14143.5

Trends
Daily SMA20	14156.6825
Daily SMA50	14162.525
Daily SMA100	14151.185
Daily SMA200	14167.4175

Levels
Previous Daily High	14228
Previous Daily Low	14134.5
Previous Weekly High	14268
Previous Weekly Low	14086.5
Previous Monthly High	14276.5
Previous Monthly Low	13883
Daily Fibonacci 38.2%	14170.217
Daily Fibonacci 61.8%	14192.283
Daily Pivot Point S1	14109.3333
Daily Pivot Point S2	14075.1667
Daily Pivot Point S3	14015.8333
Daily Pivot Point R1	14202.8333
Daily Pivot Point R2	14262.1667
Daily Pivot Point R3	14296.3333

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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