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  • 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