- USD/IDR remains on the recovery mode supported by immediate rising trend-line.
- 38.2% Fibonacci retracement and multiple near-term lows offer strong upside resistance.
USD/IDR portrays recovery from short-term support-line as it takes the bids to 14,030 amid initial Thursday morning in Asia.
Sustained bounce off 4-day long ascending trend-line favors the quote’s another attempt to challenge 14,080/85 resistance-confluence that includes 38.2% Fibonacci retracement and multiple lows marked during late-June to early-July.
Should prices rally beyond 14,085, 9-week old downward sloping trend-line at 14,120 could question further upside, which if broken could further escalate the north run in the direction to monthly tops surrounding 14,240.
On the contrary, a downside break of 13,973 support-line can recall bears targeting 13,884 with 23.6% Fibonacci retracement level of 13,952 acting as an intermediate halt.
USD/IDR 4-hour chart
Trend: Bullish
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