- Sustained trading beyond near-term important supports portrays pair’s strength.
- The momentum is likely being limited by immediate symmetrical triangle formation.
The USD/IDR pair remains well-guarded in a three-week-old symmetrical triangle formation as it seesaws near 14,400 during the early Asian session on Thursday.
The quote holds above the 200-bar simple moving average (4H 200MA) and 61.8% Fibonacci retracement of its April month rise.
As a result, chances of its uptick to 14,475 and 23.6% Fibonacci retracement of 14,540 seems brighter.
However, formation resistance near 14,585 might confine the pair’s further upside, if not then 14,720 may become buyers’ favorite.
Alternatively, 14,345 acts as important downside support for the pair as it comprises 50% Fibonacci retracement and pattern’s lower-line, a break of which can drag the quote to 200-MA level of 14,300 and then to the 61.8% Fibonacci retracement of 14,255.
Should there be an additional weakness on the part of the pair below 14,255, 14,160, 14,100 and 14,000 may gain bears’ attention.
USD/IDR 4-Hour chart
Trend: Bullish
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