- USD/IDR registers mild gains after Friday’s failures to cross the key resistance.
- One-month-old ascending trend line restricts immediate downside.
- Monthly top, late-May high stand tall to challenge the bulls.
USD/IDR prints 0.15% gains to 14,455 during the pre-European session on Monday. The pair defies Friday’s losses but stays below a join of 200-day EMA and 50-day EMA.
While the pair’s repeated failure to cross the key EMAs portrays its momentum weakness, an ascending trend line from June 09, at 14,307 now, restricts near-term downside.
As a result, the pair traders should wait for a clear break of 14,307 and 14,535/40 area for a better guideline.
Should the quote crosses 14,540 level, it needs to refresh the monthly high near 14,635 to aim for 15,000 round-figures. Further, May 27 peak surrounding 15,020 will challenge the bulls afterward.
Alternatively, a downside break of 14,307 support line will push the bears to attack 14,000 mark ahead of challenging the previous month’s bottom close to 13,850.
USD/IDR daily chart