USD/IDR technical analysis: Multiple falling trendlines question latest pullback


  • USD/IDR recovers from mid-September lows.
  • The upside break of near-term key resistance lines can challenge October high.

Not only a descending trend line since mid-October but falling resistance lines from October 08 also question the USD/IDR pair’s recent recovery. The pair currently trades near 14,050 ahead of the European session opening on Monday.

Should prices rally beyond 14,070 and 14,120 resistances, October 16 high of 14,228 and the previous month top surrounding 14,275 will be on the bulls’ radar.

Meanwhile, 14,000 and the monthly low near 13,930 can keep sellers in check ahead of challenging them with the September month bottom close to 13,880.

While sustained strength of the 14-bar Relative Strength Index (RSI) favor the buyers, multiple trend lines can keep repeating the recent sideways to negative trading pattern intact.

USD/IDR 4-hour chart

Trend: bearish

additional important levels

Overview
Today last price 14048.7
Today Daily Change 34.7000
Today Daily Change % 0.25%
Today daily open 14014
 
Trends
Daily SMA20 14060.53
Daily SMA50 14096.416
Daily SMA100 14119.255
Daily SMA200 14161.4363
 
Levels
Previous Daily High 14069.5
Previous Daily Low 13995
Previous Weekly High 14089.35
Previous Weekly Low 13931.5
Previous Monthly High 14273.8
Previous Monthly Low 13971.3
Daily Fibonacci 38.2% 14041.041
Daily Fibonacci 61.8% 14023.459
Daily Pivot Point S1 13982.8333
Daily Pivot Point S2 13951.6667
Daily Pivot Point S3 13908.3333
Daily Pivot Point R1 14057.3333
Daily Pivot Point R2 14100.6667
Daily Pivot Point R3 14131.8333

 

 

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