USD/IDR technical analysis: Sellers cheer another failure to rise past-14,360
- USD/IDR declines from seven-day high, repeats the failure to cross 14,360.
- 50% and 61.8% Fibonacci retracements could flash on bears’ radars.
Even after rising to seven-day high, USD/IDR fails to grow part 14,260 as it declines to 14,267 during the Asian session on Wednesday.
The quote registers multiple failures to cross the August 13 high near 14,360, making it the tough nut to crack for buyers, a break of which can trigger fresh rally towards 23.6% Fibonacci retracement of July-August rise, at 14,418, whereas monthly top surrounding 14,520 will lure buyers afterward.
The current pullback highlights the importance of 50% Fibonacci retracement level of 14,234 ahead of emphasizing 14,152 number that includes 61.8% Fibonacci retracement.
In a case where prices dip beneath 14,150 round-figure, monthly bottom close to 14,075 may offer an intermediate halt to the south-run targeting sub-14,000 level.
USD/IDR 4-hour chart
Trend: Pullback expected
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.
