USD/IDR technical analysis: Sellers aim for 14,166/70 on another pullback from 61.8% Fibo.

USD/IDR struggles between 61.8% Fibonacci retracement and 50-day EMA.
A four-week-old rising trend-line adds strength to the support.

Anil Panchal FXStreet

With its another U-turn from 61.8% Fibonacci retracement of April-June downpour, USD/IDR aims to revisit 50-day exponential moving average (EMA) while trading near 14,260 amid Friday’s Asian session.

In addition to 50-day EMA, an upward sloping trend-line since July 19 also increases the strength of 14,166/70 support-zone, which if broken could trigger fresh declines to 14,080/75 region including multiple lows marked during late-June and early July.

Alternatively, pair’s daily closing above 14,235 comprising 61.8% Fibonacci retracement can keep prices in check.

Should there be a successful rally beyond 14,235, June high around 14,420 and current month low surrounding 14,583 could lure buyers.

USD/IDR daily chart

Trend: Sideways

1. R3 14423.98
2. R2 14371.58
3. R1 14323.32
PP 14270.93
1. S1 14222.67
2. S2 14170.28
3. S3 14122.02

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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