USD/IDR technical analysis: Pullback from range resistance can recall 100-day SMA

A week-long trading range continues to limit the momentum.
Sustained trading beyond 100-day SMA indicates the pair’s strength.

Anil Panchal FXStreet

Having to witness another pullback from its short-term trading range, USD/IDR is presently close to 23.6% Fibonacci retracement support while taking the rounds near 14,244 during early Tuesday.

During the quote’s declines under 14,230 rest-points, 100-day simple moving average (SMA) level of 14,188 and a week-long range’s bottom around 14,160/55 could be on the sellers’ cards.

However, pair’s extended downpour past-14,155 might not refrain from visiting 14,120, 14,000 and April month low near 13,970.

Meanwhile, 14,290 is the range cap that could hold the pair momentum chained whereas 21-day SMA level of 14,350 could please buyers afterward.

In a case where prices rally beyond 14,350, 38.2% Fibonacci retracement of October 2018 to February 2019, at 14,460, might grab the spotlight.

USD/IDR daily chart

Trend: Sideways to bullish

1. R3 14356
2. R2 14315.5
3. R1 14268.75
PP 14228.25
1. S1 14181.5
2. S2 14141
3. S3 14094.25

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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