Home USD/IDR Technical Analysis: Registers bullish spinning top on weekly chart
FXStreet News

USD/IDR Technical Analysis: Registers bullish spinning top on weekly chart

  • USD/IDR seesaws around 14,100 after a bullish candlestick formation on the W1 chart.
  • The quote clings to 61.8% Fibonacci retracement while staying above 200-week SMA.

After flashing a bullish candlestick formation on the weekly chart, the USD/IDR pair trades around 14,100 during Monday’s Asian session.

While prices cling to 61.8% Fibonacci retracement of January-October 2018 upside, the upside favoring candlestick pattern seems to support pair’s another confrontation to the three-month-old falling resistance line, at 14,190 now.

Should there be additional upside beyond 14,190, 50% Fibonacci retracement level of 14,345 will be on the bull’s radar.

On the downside, lows marked in September and July offer strong support around 13,880, a break of which could drag the quote to a 200-week Simple Moving Average (SMA) level of 13,758.

If at all sellers manage to break 13,758 on a weekly closing basis, the previous year bottom near 13,260 will lure them.

USD/IDR weekly chart

Trend: Pullback expected

 

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.