- USD/IDR takes the bids near one-week high after Indonesian Consumer Confidence figures.
- MACD histogram makes the trend line even more important.
- 100-day SMA lures the bulls beyond the immediate upside barrier.
USD/IDR registers the biggest gains since late-March while rising to 14,214, up 1.62% on a day, while heading into the European session on Friday. In doing so, the pair extends recovery moves from Monday’s low, also the lowest in 15 weeks.
Other than the technical details, Indonesia’s Consumer Confidence for April also adds strength to the pair. The consumer sentiment gauge dropped to 77.8 versus the previous readouts of 84.8.
Though, a falling trend line from April 06, at 14,255 now, questions the quote’s further upside. Other than the resistance line, the MACD histogram is also teasing the bulls and makes the case even more interesting.
Should there be a clear run-up past-14,255, bulls can easily challenge the 100-day SMA level of 14,767. Though, the early-May low near 14,680/75 might offer an intermediate halt during the rise.
Alternatively, 14,000 round-figure and the monthly low surrounding 13,870 could entertain the sellers during the fresh downside ahead of highlighting the early-February high near 13,775.
USD/IDR daily chart
Trend: Further recovery expected
Share
