- USD/IDR remains stuck in a sideways channel on the 4-hour chart.
- A range breakdown would imply a continuation of the sell-off from monthly highs.
The Indonesian Rupiah is lacking a clear directional bias for the tenth straight day.
The USD/IDR pair has been restricted to a narrow range of 15,600 to 15,400 since April 9. The sideways churn has neutralized the immediate bearish setup.
However, if the range play ends with a downside break under 15,400, it would imply a resumption of the sell-off from the monthly highs above 16,500 and could yield a test of the 4-hour chart 200-candle average, currently at 14,959.
Alternatively, a range breakout would imply an end of the pullback from monthly highs and open the doors to resistance at 15,868. The pair is trading in a sideways manner around 15,470 at press time.
4-hour chart
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Trend: Neutral
Technical levels
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