USD/IDR technical analysis: Upside momentum remains firm above 50-DMA, 23.6% Fibo.


  • USD/IDR seesaws near 38.2% Fibonacci retracement.
  • 50-DMA and 23.6% Fibonacci retracement offers strong downside support.

With its sustained trading beyond the key support confluence, the USD/IDR pair flashes 14,266 as a quote during early Tuesday.

Despite repeated failures to cross 38.2% Fibonacci retracement of 2018 swing high to 2019 swing low, prices remain firm unless closing below the 14,150/38 support confluence including 50-day simple moving average (DMA) and 23.6% Fibonacci retracement.

As a result, buyers can still target 38.2% Fibonacci retracement of 14,384, a break of which will trigger a fresh upside to 14,500 round-figure.

However, a downward sloping trend-line since November 2018 and 50% Fibonacci retracement, near 14,570 and 14,582 respectively, will question buyers.

On the contrary, pair’s dip beneath 14,138 will target three-month-old support-line at 14,000.

USD/IDR daily chart

Trend: Bullish

    1. R3 14406.83 
    2. R2 14345.42 
    3. R1 14307.83 
  1. PP 14246.42 
    1. S1 14208.83 
    2. S2 14147.42 
    3. S3 14109.83

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD holding above 1.18 ahead of critical US data

EUR/USD is holding onto its gains, trading above 1.18 as the dollar remains on the back foot. ADP's US job report and the ISM Non-Manufacturing PMI provide critical clues toward the Non-Farm Payrolls. Fiscal stimulus talks and geopolitics are also in play.

EUR/USD News

XAU/USD bulls unstoppable, renews life-time highs near $2040

With ‘buy the dips’ emerging as the main underlying theme behind the gold (XAU/USD) price action so far this week, the bulls flex their muscles further to record fresh all-time highs near $2040.

Gold News

GBP/USD trades around to 1.31 amid dollar weakness, ahead of data

GBP/USD is trading around 1.31, recovering as the dollar retreats. The UK government is under scrutiny for its management of the virus crisis. Services PMIs on both sides of the Atlantic are eyed.

GBP/USD News

Forex Today: Gold smashes $2,000, dollar depressed, two Non-Farm Payrolls hints eyed

Stocks, bonds, and precious metals are on the rise while the greenback is falling alongside falling yields. Investors are eyeing slow progress in fiscal stimulus talks and top-tier US figures ahead of the Non-Farm Payrolls.

Read more

WTI hits fresh two-week highs near $42.50 ahead of EIA data

WTI (futures on Nymex) extends its winning-streak into the third straight day on Wednesday, as the bulls challenge the July high of $42.51.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures