USD/IDR Technical Analysis: The fourth drop to 61.8% Fibonacci, 200-week SMA on sight


  • USD/IDR extends losses for the fifth week in a raw.
  • 61.8% Fibonacci retracement of the 2017/18 rise has been activating the pair’s U-turn during the year.
  • A seven-month-old falling trend line restricts short-term upside.

USD/IDR declines to the lowest since early-September, currently around 13,930, while heading into the European open on Monday. The pair tests 61.8% Fibonacci retracement of its 2017/18 rise. This support has triggered three bounces during the year, a failure to follow the suit can fetch the quote to 200-week Simple Moving Average (SMA).

Hence, sellers will look for a weekly closing below 13,936, comprising the key Fibonacci retracement level, to target a 200-week SMA level of 13,766.

However, lows marked in February and July, near 13,895, can offer an intermediate halt to the south-run.

If prices keep trading down after 200-week SMA, 78.6% Fibonacci retracement level of 13,575 could lure the bears.

On the upside, a clear crossing of the multi-week-old falling trend line, close to 14,045/50, can trigger a fresh rise towards a 50% Fibonacci retracement level of 14,189.

USD/IDR weekly chart

Trend: Bearish

Additional important levels

Overview
Today last price 13925.1
Today Daily Change -28.4000
Today Daily Change % -0.20%
Today daily open 13953.5
 
Trends
Daily SMA20 13990.9711
Daily SMA50 14034.6854
Daily SMA100 14097.5077
Daily SMA200 14147.5516
 
Levels
Previous Daily High 13993
Previous Daily Low 13946
Previous Weekly High 14020.7355
Previous Weekly Low 13676.9335
Previous Monthly High 14296.292
Previous Monthly Low 13896.3
Daily Fibonacci 38.2% 13963.954
Daily Fibonacci 61.8% 13975.046
Daily Pivot Point S1 13935.3333
Daily Pivot Point S2 13917.1667
Daily Pivot Point S3 13888.3333
Daily Pivot Point R1 13982.3333
Daily Pivot Point R2 14011.1667
Daily Pivot Point R3 14029.3333

 

 

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