USDIDR Price Analysis: Indonesia's Rupiah eyes gains on range breakdown

USDIDR Price Analysis: Indonesia's Rupiah eyes gains on range breakdown

  • Indonesia's Rupiah is looking north, as USD/IDR's daily chart shows range breakdown. 
  • A crucial moving average support could soon come into play.

The path of least resistance for the Indonesian Rupiah (IDR) is to the higher side. 

The USD/IDR pair formed an inverted bearish hammer on Thursday and closed below the preceding day's low of 16,027, confirming a contracting triangle breakdown or range breakdown. 

USD/IDR had charted back-to-back inside day candlestick patterns on Tuesday and Wednesday, signaling contraction of the trading range or indecision in the market place. 

Thursday's range breakdown indicates the period of indecision has ended with victory for the USD/IDR bears. 

With sellers in control, the pair risks falling to the ascending 10-day average, currently located at 15,834. At press time, the spot is trading at largely unchanged on the day at 16,000, having faced rejection at 16,267 early Friday. 

A close above Thursday's high of 16,587 is needed to invalidate the bearish setup. 

Daily chart

Trend: Bearish

Technical levels

USD/IDR

Overview
Today last price 15996.5
Today Daily Change 14.9500
Today Daily Change % 0.09
Today daily open 15981.55
 
Trends
Daily SMA20 14995.69
Daily SMA50 14239.322
Daily SMA100 14107.7435
Daily SMA200 14114.0542
 
Levels
Previous Daily High 16587.5
Previous Daily Low 15925.05
Previous Weekly High 16495
Previous Weekly Low 14612.9865
Previous Monthly High 14435
Previous Monthly Low 13586.7255
Daily Fibonacci 38.2% 16178.1059
Daily Fibonacci 61.8% 16334.4441
Daily Pivot Point S1 15741.9
Daily Pivot Point S2 15502.25
Daily Pivot Point S3 15079.45
Daily Pivot Point R1 16404.35
Daily Pivot Point R2 16827.15
Daily Pivot Point R3 17066.8

 

 



Source: FxStreet

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