Chart USD/IDR Updates: Leaning lower in consolidation below 16600
Leaning lower in consolidation below the 16600 congestion following rejection from the 16657, Tuesday/Wednesday spike highs
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 16915 | * | projection | S1 | 16535 | * | 19 Mar high | |
| R3 | 16800 | ** | Jun 1998 all-time high | S2 | 16474 | ** | Jun 2024 year high | |
| R2 | 16657 | * | 25 Mar YTD high | S3 | 16384 | * | Jan high | |
| R1 | 16600 | * | congestion | S4 | 16309 | * | 17 Mar low |
Asterisk denotes strength of level
02:15 GMT - Leaning lower in consolidation below the 16600 congestion following rejection from the 16657, Tuesday/Wednesday spike highs. Daily studies are unwinding overbought readings and suggest risk for pullback from these highs with support starting at 16535. Break here will see room to support at 16474, the 2024 year high. Below the latter will fade the bullish momentum and see room for deeper pullback to retrace strong gains from the September low. Meanwhile, resistance is lowered to the 16600 congestion to sustain pullback from the 16657 highs. Break here, if seen, will turn focus to the 16800, June 1998 all-time high.