USD/IDR Technical Analysis: Forms rising wedge below 200-DMA

USD/IDR stays firm around the six-week top.
A rising trend line since late-October repeatedly limits the pair’s upside.
Confirmation of the bearish chart pattern could recall July lows.

Anil Panchal FXStreet

USD/IDR takes the bids to 14,120 during the pre-European session on Wednesday. The pair stays on the front foot around the highest levels since October 22 but registers repeated failures to cross near-term ascending resistance line. While looking at the rising support line from November 06, in conjunction with the immediate trend line resistance, the pair forms a bearish technical chart pattern.

In order to confirm the bearish formation, the pair needs to slip beneath the support line, at 14,080, which in turn could drag the quote to July lows near 13,900. However, mid-November lows surrounding 14,030 and 14,000 round-figure could offer intermediate halts during the quote’s slump.

Meanwhile, pair’s run-up beyond 14,140 resistance line can take aim at 200-Day Simple Moving Average (DMA) level near 14,160.

In a case where Bulls keep the rein past-14,160, October month high near 14,215 can become their favorite.

USD/IDR daily chart

Trend: Pullback expected

additional important levels

Overview
Today last price	14119.2
Today Daily Change	15.8885
Today Daily Change %	0.11%
Today daily open	14103.3115

Trends
Daily SMA20	14086.7056
Daily SMA50	14101.9322
Daily SMA100	14118.2501
Daily SMA200	14167.1161

Levels
Previous Daily High	14172.7
Previous Daily Low	14097.2
Previous Weekly High	14296.292
Previous Weekly Low	13896.3
Previous Monthly High	14296.292
Previous Monthly Low	13896.3
Daily Fibonacci 38.2%	14126.041
Daily Fibonacci 61.8%	14143.859
Daily Pivot Point S1	14076.1077
Daily Pivot Point S2	14048.9038
Daily Pivot Point S3	14000.6077
Daily Pivot Point R1	14151.6077
Daily Pivot Point R2	14199.9038
Daily Pivot Point R3	14227.1077

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.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.