Home USD/IDR technical analysis: 14,388/90 becomes the key resistance amid bullish MACD signal
FXStreet News

USD/IDR technical analysis: 14,388/90 becomes the key resistance amid bullish MACD signal

  • USD/IDR remains firm amid positive MACD signal.
  • 50-week SMA and 38.2% Fibonacci retracement become the key upside barriers.
  • 23.6% of Fibonacci retracement can entertain short-term sellers.

Despite repeated failures in registering a sustained break of 14,388/90 resistance-confluence, positive signal by important technical indicator portrays the USD/IDR pair’s strength as it takes the bids to 14,248 during the early Asian session on Tuesday.

The 50-week simple moving average (SMA) and 38.2% Fibonacci retracement of October 2018 to mid-2019 downpour defines the 14,388/90 area as the key resistance confluence.

With the recent price-positive signal from the moving average convergence and divergence (MACD) indicator, traders can push the quote beyond the key upside barrier in order to aim for 50% Fibonacci retracement level of 14,588 and then rising towards April month top surrounding 14,720.

Meanwhile, 23.6% Fibonacci retracement level of 14,144 and 14,000 round-figure can entertain short-term sellers during the pullback.

USD/IDR weekly chart

 Trend: Bullish

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.