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  • USD/IDR has jumped to 9-day highs this Thursday morning in Asia.
  • The pair created an inverted bullish hammer on Wednesday.

USD/IDR is currently trading at 14,618, the highest level since May 14.

The gains seen today mark a strong follow-through to the bullish inverted hammer created on Wednesday.

A close above 14,585 would validate the bullish hammer and open the doors to the continuation of the rally from the April 17 low of 13,974 toward the key resistance at 14,725 (Dec. 26 high).

The bullish case, however, would weaken if the pair closes well below 14,585 (Wednesday’s high), leaving another candle with a long upper shadow in its wake.

Daily chart

Trend: Bullish

Pivot points