Chart USD/IDR Updates: Edging higher in consolidation
Edging higher from the 16379 low of last week as prices retrace losses from the 16970, April all-time high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 16884 | ** | 23 Apr high | S1 | 16475 | * | Jun 2024 year high | |
| R3 | 16800 | * | congestion | S2 | 16379 | ** | 5 May low | |
| R2 | 16730 | ** | 10 Apr low | S3 | 16304 | * | Dec high | |
| R1 | 16600 | * | congestion | S4 | 16259 | * | Mar low |
Asterisk denotes strength of level
03:00 GMT - Edging higher from the 16379 low of last week as prices retrace losses from the 16970, April all-time high. Daily studies are still unwinding oversold reading but gains remain limited with the resulting flag pattern suggesting corrective bounce to give way to renewed selling pressure later. Break below 16400 congestion and 16379 low will further retrace the strong September/April rally and see continuation to 16200 congestion and 16169/16149 area. Meanwhile, resistance at 16600.00 is expected to cap. Gains above here, if seen, will open up room for stronger bounce to strong resistance at 16730, 10 April low.