USD/IDR’s 4-hour line chart shows a falling wedge breakout, a bullish reversal pattern.
Falling wedges comprise of converging trendlines connecting lower highs and lower lows and a breakout is often followed by a move higher to the apex of the wedge.
In this case, however, the breakout is confirmed by the sideways action of the pair and lacks credence. Essentially, the market looks indecisive and the immediate bias is neutral.
A move above 15,400 is needed to validate the wedge breakout and set the tone for a stronger recovery rally. On the flip side, acceptance under 15,000 would imply a continuation of the sell-off from record highs above 16,750 registered in March.
4-hour chart
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Trend: Neutral
Technical levels
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