Pullback from range resistance can recall 100-day SMA

  


  • A week-long trading range continues to limit the momentum.
  • Sustained trading beyond 100-day SMA indicates the pair’s strength.

Having to witness another pullback from its short-term trading range, USD/IDR is presently close to 23.6% Fibonacci retracement support while taking the rounds near 14,244 during early Tuesday.

During the quote’s declines under 14,230 rest-points, 100-day simple moving average (SMA) level of 14,188 and a week-long range’s bottom around 14,160/55 could be on the sellers’ cards.

However, pair’s extended downpour past-14,155 might not refrain from visiting 14,120, 14,000 and April month low near 13,970.

Meanwhile, 14,290 is the range cap that could hold the pair momentum chained whereas 21-day SMA level of 14,350 could please buyers afterward.

In a case where prices rally beyond 14,350, 38.2% Fibonacci retracement of October 2018 to February 2019, at 14,460, might grab the spotlight.

USD/IDR daily chart

Trend: Sideways to bullish

 



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