FX July 27, 2021 / 02:47 am UTC

Chart USD/IDR Updates: Consolidating within a 4-week rectangle pattern

By PakLai Ng

R414635**13 Apr YTD high
S114462*13 Jul low
S214415*28 Jun low
R214582*1 Apr high
S314400*20 May high
R114568*2 Jul high
18 Jun low

Asterisk denotes strength of level

02:45 GMT - No change, as prices remains within a 4-week rectangle pattern from the 14568 high. Ranging action is expected to give way to renewed strength later and break above 14568 will expose the Apr YTD high at 14635 to retest and see scope to further extend the broader recovery from the 13865/13873, Jan/Feb lows. Meanwhile, support is now at 14462 and only break here will trigger deeper pullback to strong support at 14415/14400.

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