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USD/IDR technical analysis: Struggles between 100-DMA, 20-week old support-line

2019-06-25 08:00

  • USD/IDR lacks momentum inside key technical levels.

  • RSI weakness during the latest pullback increases the odds for an upswing.



Despite taking a U-turn from medium-term support-line, the USD/IDR pair refrains from pleasing buyers as it takes the rounds to 14,150 during early Tuesday.



The pair presently struggles inside 20-week old ascending trend-line and 100-day simple moving average (100-DMA). However, weak response to the latest downturn by the 14-day relative strength index (RSI) seems favoring buyers waiting for a breakout above 100-DMA level of 14,208.



In doing so, 14,300 and a month-long descending trend-line at 14,364 can act as immediate resistances ahead of fueling the quote towards 200-DMA level of 14,420.



Alternatively, a downside break of 14,083 support-line can trigger the pair’s fresh declines targeting 14,000 round-figure whereas April month low near 13,974 and February bottom surrounding 13,860 may entertain sellers afterward.



USD/IDR daily chart





Trend: Sideways





 


This article is published only for general use basic informatory purposes and should not be considered or depended on as a financial or investment advice. Investors should make sure that they understand the risks and seek independent financial advice at all times. CFDS ARE COMPLEX INSTRUMENTS AND COME WITH A HIGH RISK OF LOSING MONEY RAPIDLY DUE TO LEVERAGE.

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