USD/IDR technical analysis: Bullish view strengthened ahead of Indonesia GDP release
5/6/2019 3:10:11 AM
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USD/IDR has bounced up sharply from the 5-day moving average (MA), reinforcing the bullish view put forward by that ascending technical line. Further,

USD/IDR has bounced up sharply from the 5-day moving average (MA), reinforcing the bullish view put forward by that ascending technical line.

Further, the pair seems to have acceptance above 14,300, a level which proved a tough nut to crack in four out of last six trading days.

The 14-day relative strength index (RSI) is also reporting bullish conditions with an above-50 print. In fact, the index is currently at the highest level since October.

As a result, the pair looks set to test the resistance at 14,416 (March 8 high). A move higher, however, may remain elusive if Indonesia's first-quarter growth rate beats the expected quarter-on-quarter contraction of 0.4% by a big margin. The data is due at 04:00 GMT today.

resistance

Daily chart

Trend: Bullish

Trend:
    1. R3 14430
    2. R2 14385
    3. R1 14300
  1. PP 14255
    1. S1 14170
    2. S2 14125
    3. S3 14040
    1. R3 14430
    2. R2 14385
    3. R1 14300
  1. PP 14255
    1. S1 14170
    2. S2 14125
    3. S3 14040
    1. R3 14430
    2. R2 14385
    3. R1 14300
  1. PP 14255
    1. S1 14170
    2. S2 14125
    3. S3 14040
    1. R3 14430
    2. R2 14385
    3. R1 14300
  1. PP 14255
    1. S1 14170
    2. S2 14125
    3. S3 14040
    1. R3 14430
    2. R2 14385
    3. R1 14300
    1. R3 14430
    2. R2 14385
    3. R1 14300
  • R3 14430
  • R3 R314430
  • R2 14385
  • R2 R214385
  • R1 14300
  • R1 R114300
  • PP 14255
  • PP PP14255
    1. S1 14170
    2. S2 14125
    3. S3 14040
    1. S1 14170
    2. S2 14125
    3. S3 14040
  • S1 14170
  • S1 S114170
  • S2 14125
  • S2 S214125
  • S3 14040
  • S3 S314040