- 14,320/25 resistance-confluence could question buyers.
- The horizontal line around 14,155 offers immediate support.
With its sustained trading beyond 61.8% Fibonacci retracement, USD/IDR seesaws around 14,270 during early Wednesday.
The pair now heads towards 14,320/25 resistance-confluence comprising 200-bar moving average (4H 200MA) and a two-week-old descending trend-line.
The pair’s rally past-14,325 can negate recent downtick by highlighting 14,480 and May month tops near 14,665 for buyers.
On the flipside, a horizontal-line connecting high of mid-April to recent lows, at 14,155, limits the quote’s immediate declines.
In a case where prices slip under 14,155, the 14,100 and April bottom surrounding 14,000 marks could become bears’ favorites.
It should be noted that Indonesian markets are off on Wednesday due to Eid Al Fitr holiday.
USD/IDR 4-Hour chart
Trend: Pullback expected
Share
