USD/IDR technical analysis: Too many resistances on the road to recovery

Recent high, 50% Fibonacci retracement and 4H 200MA can limit the USD/IDR pair’s latest recovery ahead of confirming short-term falling wedge.
Formation support around 14,000 holds the key to pair’s additional weakness.

Anil Panchal FXStreet

Despite recovering from 14,040, USD/IDR is far from being strong as many key resistances stand tall to challenge the pair’s recovery as it takes the rounds to 14,128 during early Friday.

The first one to grab buyers’ attention will be 14,165, followed by 50% Fibonacci retracement of May-June downpour at 14,204.

During the quote’s additional upside past-14,204, 200-bar moving average (4H 200MA) and the resistance-line of an immediate falling wedge technical pattern, around 14,212/20, can question buyers.

Alternatively, formation support close to 14,000 round-figure can limit the pair’s near-term declines below 14,040.

USD/IDR daily chart

Trend: Pullback expected

additional important levels

Overview
Today last price	14128
Today Daily Change	52.0000
Today Daily Change %	0.37%
Today daily open	14076

Trends
Daily SMA20	14207.555
Daily SMA50	14283.373
Daily SMA100	14213.8675
Daily SMA200	14401.8952

Levels
Previous Daily High	14165.5
Previous Daily Low	14041.7
Previous Weekly High	14199
Previous Weekly Low	14078
Previous Monthly High	14418
Previous Monthly Low	13746
Daily Fibonacci 38.2%	14161.953
Daily Fibonacci 61.8%	14183.547
Daily Pivot Point S1	14102.8333
Daily Pivot Point S2	14069.1667
Daily Pivot Point S3	14011.3333
Daily Pivot Point R1	14194.3333
Daily Pivot Point R2	14252.1667
Daily Pivot Point R3	14285.8333

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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