USD/IDR technical analysis: Spinning bottom on D1 favors further recovery

USD/IDR takes the bids towards 61.8% Fibonacci retracement after the recent bullish candlestick formation.
A downside break below the multi-month-old rising trend line will please bears.

Anil Panchal FXStreet

Following the bullish candlestick formation on Monday, as per the daily (D1) chart, the USD/IDR pair takes the bids to 14,042 by the press time of early Tuesday.

The quote now rises towards 61.8% Fibonacci retracement of June-August upside, at 14,065, ahead of confronting 21-day Exponential Moving Average (EMA) level of 14,090.

Buyers could cheer the break of 14,090 by challenging 50% and 38.2% Fibonacci retracements of 14,165 and 14,263 respectively,

On the contrary, the pair’s downside has been confined by the upward sloping trend line since June 18, at 13,952, a break of which could recall 13,880 and 13,750 on the chart.

USD/IDR daily chart

Trend: bullish

additional important levels

Overview
Today last price	14042.5
Today Daily Change	28.0000
Today Daily Change %	0.20%
Today daily open	14014.5

Trends
Daily SMA20	14121.73
Daily SMA50	14133.308
Daily SMA100	14139.03
Daily SMA200	14163.2043

Levels
Previous Daily High	14035
Previous Daily Low	13994
Previous Weekly High	14182
Previous Weekly Low	13971.3
Previous Monthly High	14276.5
Previous Monthly Low	13883
Daily Fibonacci 38.2%	14019.338
Daily Fibonacci 61.8%	14009.662
Daily Pivot Point S1	13994
Daily Pivot Point S2	13973.5
Daily Pivot Point S3	13953
Daily Pivot Point R1	14035
Daily Pivot Point R2	14055.5
Daily Pivot Point R3	14076

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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