- The USD/IDR recovers of 14,070, the lowest since February 27 in the year 2020.
- A is the horizontal surface including an early March high and Tuesday’s low also restricts the immediate bounce.
- The month of October is high, can provide immediate support to the continuation of the decline.
The USD/IDR recovers from 14-week, low-to-14,140 while heading into the European session on Thursday.
Given the overbought RSI condition, the pair could extend the bounce towards March, 11, low, or 14,288. However, with horizontal resistance, as well as the initial months of the summit, and the June 02, low,,, around 14,420/15 to limit this increase.
In a case where the quota amounts to fit-14,420 on a daily closing, is a confluence of 100-day SMA and the 61.8% retracement of Fibonacci, or May-October usd, around 14, 738/45 could challenge the bulls.
Alternatively, a daily close below 14,070 may be necessary to 14 000 ‘ around your man to review the month of October peak of nearly 13,970 as well as the initials of March has a peak near 13,775.
USD/IDR daily chart
Trend, Pullback expected