Chart USD/IDR Updates: Extend bounce from 16705 low
Turned up in range from the 16705 low to retest strong resistance at the 16770/16800 September high and congestion area
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 17050 | * | projection | S1 | 16705 | ** | Jan low | |
| R3 | 16975 | ** | 20 Jan all-time high | S2 | 16690 | * | 31 Dec low | |
| R2 | 16885 | * | 23 Apr high | S3 | 16640 | * | 38.2% Aug/Jan rally | |
| R1 | 16800 | ** | congestion | S4 | 16600 | * | congestion |
Asterisk denotes strength of level
05:45 GMT - Turned up in range from the 16705 low to retest strong resistance at the 16770/16800 September high and congestion area. Bounce see prices unwinding oversold intraday and daily studies to retrace losses from the 16975, 20 January historic high. Above 16800 will open up room for extension to 16885 resistance. Corrective gains are expected to give way to renewed selling pressure later. Below the 16705 low will open up room for deeper pullback to retrace the August/January gains to 16990 support. Lower still, will see extension to the 16640, 38.2% Fibonacci level, and the strong support at 16625/16600 area.