USD/IDR technical analysis: Sellers keep luring around 6-day old resistance-line

USD/IDR trails a week-long descending trend-line.
14,160/50 and 200-DMA become crucial downside supports.

Anil Panchal FXStreet

USD/IDR takes another turn from a six-day-old resistance-line as it declines to 14,260 during Wednesday’s Asian session.

The quote can take a halt near 50% Fibonacci retracement of July-August upside, at 14,233, ahead of visiting the key 14,160/50 support-zone including 13-day long horizontal-line and 61.8% Fibonacci retracement.

In a case prices slip below 14,150, 200-day simple moving average (DMA) at 14,118 can question sellers targeting 14,000 round-figure.

Meanwhile, pair’s successful run-up beyond 14,340 resistance-line can trigger fresh rally towards 23.6% Fibonacci retracement level of 14,418 whereas 14,443 and 14,583 could entertain buyers afterward.

USD/IDR 4-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	14260.05
Today Daily Change	1.0000
Today Daily Change %	0.01%
Today daily open	14259.05

Trends
Daily SMA20	14185.25
Daily SMA50	14145.463
Daily SMA100	14199.507
Daily SMA200	14237.003

Levels
Previous Daily High	14341.3
Previous Daily Low	14234
Previous Weekly High	14363.5
Previous Weekly Low	14155.05
Previous Monthly High	14240
Previous Monthly Low	13884
Daily Fibonacci 38.2%	14274.9886
Daily Fibonacci 61.8%	14300.3114
Daily Pivot Point S1	14214.9333
Daily Pivot Point S2	14170.8167
Daily Pivot Point S3	14107.6333
Daily Pivot Point R1	14322.2333
Daily Pivot Point R2	14385.4167
Daily Pivot Point R3	14429.5333

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 flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold holds above $5,000 as bears seem hesitant amid Fed rate cut bets

Gold edges lower at the start of a new week, though it defends the $5,000 psychological mark through the Asian session. The underlying bullish sentiment is seen acting as a headwind for the bullion. However, bets for more rate cuts by the Fed, bolstered by Friday's softer US CPI, keep the US Dollar bulls on the defensive and continue to support the non-yielding yellow metal as the focus now shifts to FOMC Minutes on Wednesday.

Week ahead: Data blitz, Fed Minutes and RBNZ decision in the spotlight

The US jobs report for January, which was delayed slightly, didn’t do the dovish Fed bets any favours, as expectations of a soft print did not materialize, confounding the raft of weak job indicators seen in the prior week.

Global inflation watch: Signs of cooling services inflation

Realized inflation landed close to expectations in January, as negative base effects weighed on the annual rates. Remaining sticky inflation is largely explained by services, while tariff-driven goods inflation remains limited even in the US.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.