USD/IDR technical analysis: Multiple falling trendlines question latest pullback

USD/IDR recovers from mid-September lows.
The upside break of near-term key resistance lines can challenge October high.

Anil Panchal FXStreet

Not only a descending trend line since mid-October but falling resistance lines from October 08 also question the USD/IDR pair’s recent recovery. The pair currently trades near 14,050 ahead of the European session opening on Monday.

Should prices rally beyond 14,070 and 14,120 resistances, October 16 high of 14,228 and the previous month top surrounding 14,275 will be on the bulls’ radar.

Meanwhile, 14,000 and the monthly low near 13,930 can keep sellers in check ahead of challenging them with the September month bottom close to 13,880.

While sustained strength of the 14-bar Relative Strength Index (RSI) favor the buyers, multiple trend lines can keep repeating the recent sideways to negative trading pattern intact.

USD/IDR 4-hour chart

Trend: bearish

additional important levels

Overview
Today last price	14048.7
Today Daily Change	34.7000
Today Daily Change %	0.25%
Today daily open	14014

Trends
Daily SMA20	14060.53
Daily SMA50	14096.416
Daily SMA100	14119.255
Daily SMA200	14161.4363

Levels
Previous Daily High	14069.5
Previous Daily Low	13995
Previous Weekly High	14089.35
Previous Weekly Low	13931.5
Previous Monthly High	14273.8
Previous Monthly Low	13971.3
Daily Fibonacci 38.2%	14041.041
Daily Fibonacci 61.8%	14023.459
Daily Pivot Point S1	13982.8333
Daily Pivot Point S2	13951.6667
Daily Pivot Point S3	13908.3333
Daily Pivot Point R1	14057.3333
Daily Pivot Point R2	14100.6667
Daily Pivot Point R3	14131.8333

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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