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.

Anil Panchal FXStreet

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
PP 14246.42
1. S1 14208.83
2. S2 14147.42
3. S3 14109.83

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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