USD/IDR Price Analysis: Pierces two-week-old falling trendline
- USD/IDR recovers from the lowest since February 2018.
- The year-start low, 200-bar SMA on the bull’s radar.
- Sellers need to conquer the weekly support line for the fresh ruling.
USD/IDR rises to 13,665 ahead of the European session on Tuesday. In doing so, the pair crosses a fortnight-old descending trend line.
As a result, buyers can expect the recovery towards the mid-month top near 13,730. Though, January 01 low around 13,835 and 200-bar SMA, at 13,895, can challenge buyers afterward.
Given the bull's ability to dominate the moves past-13,895, odds supporting the pair’s rise beyond the monthly high near 14,025 can’t be denied.
Alternatively, an immediate descending trend line around 13,605 can limit the pair’s declines during the pullback below previous resistance line, now support, nearing 13,650.
USD/IDR four hour chart
Trend: Recovery expected