- July 29, 2020
- Posted by: Analysis Team
- Category: Forex News
- USD/IDR aims for the upper-end of 14,530-14,650 trading range.
- Back-to-back Dojis portray traders indecision with strong supports favoring the bulls.
- MACD turns bearish for the first time in seven weeks, a clear break of 50-day SMA required to please sellers.
USD/IDR trades near 14,615, up 0.30% on a day, during the pre-European session on Wednesday. The pair bounced off 50-day SMA the previous day after flashing Doji candlesticks for consecutive three days to Tuesday.
While a U-turn from the key support, namely 50-day SMA and an ascending trend line from June 10, keep the buyers hopeful, multiple Dojis suggested sellers’ indecision previous. Even so, the MACD signals are creating a challenge for the bulls.
Hence, the quote’s run-up beyond the mid-month high near 14,720 could be sought for confirming an attack on the monthly top near 14,960 as well as 15,000 round-figures.
On the flip side, the USD/IDR price weakness below 50-day SMA level of 14,444 can aim for the month-start bottom surrounding 14,225 and 14,000 figures afterward.
However, June month’s low near 13,850 will be a tough nut to crack for sellers before aiming for further south-run.
USD/IDR daily chart
Trend: Further recovery expected