- 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
- R3 14406.83
- R2 14345.42
- R1 14307.83
- PP 14246.42
- S1 14208.83
- S2 14147.42
- 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.