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.

Anil Panchal FXStreet

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

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 hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

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.