- USD/IDR extends recovery moves from 14,511 to again attack the weekly top.
- Monthly support line, 200-bar SMA restrict immediate downside.
- The pair bulls will eye the 15,000 threshold during the further rise.
USD/IDR trims the early-day losses while picking up the bids near 14,662, down -0.20% on a day, during the pre-European session on Friday. The pair recently recovered from 14,511 to challenge the weekly high of 14,766.
While doing so, the buyers will keep eyes on the ascending trend line from July 01 and 200-bar SMA, currently around 14,470/80, a break of which could trigger a fresh downside towards 61.8% Fibonacci retracement level of the quote’s rise from June 08 to July 20, around 14,275.
Though, the pair’s downside past-14,275 will find multiple supports before meeting 14,000 round-figures and June month’s bottom surrounding 13,850.
Alternatively, a clear break of 14,750 could propel the USD/IDR prices towards the monthly top of 14,958 whereas the 15,000 mark and May 25/26 high near 15,020 could challenge the bulls afterward.
USD/IDR four-hour chart
Trend: Bullish
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