USD/IDR technical analysis: Upside capped by 4H 100MA, 6-week old resistance-line

14,080/78 limits the USD/IDR pair’s downside.
4H 100MA, near-term descending trend-line restrict the quote’s advances.

Anil Panchal FXStreet

USD/IDR’s repeated bounces off 14,080/78 support-zone again confront near-term key resistance as it trades close to 14,150 amid initial Asian session on Monday.

The 100-bar moving average on the 4-hour chart (4H 100MA) around 14,189/90 restricts the pair’s immediate upside, a break of which can propel the quote towards 6-week old descending resistance-line, at 14,260.

Given the pair’s sustained trading beyond 14,260, 61.8% Fibonacci retracement of April-June downpour, at 14,346, followed by mid-June high around 14,420, can lure the buyers.

Alternatively, pair’s dip beneath 14,078 can avail 14,000 round-figure as intermediate halt prior to visiting 23.6% Fibonacci retracement level of 13,974.

USD/IDR 4-hour chart

Trend: Sideways

1. R3 14296.83
2. R2 14241.17
3. R1 14191.33
PP 14135.67
1. S1 14085.83
2. S2 14030.17
3. S3 13980.33

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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