Published: 2025-01-10T03:21:49.000Z
Chart USD/IDR Updates: Extending choppy trade within a 3-week range area
Technical Analyst
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Extend choppy trade within a 3-week range area
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 16400 | * | congestion | S1 | 16124 | * | 7 Jan low | |
| R3 | 16330 | * | 30 Jul high | S2 | 16059 | ** | 31 Dec low | |
| R2 | 16304 | ** | Dec high | S3 | 16000 | * | congestion | |
| R1 | 16259 | * | 2 Jan high | S4 | 15969 | ** | 4 Dec high |
Asterisk denotes strength of level
03:20 GMT - Extend choppy trade within a 3-week range area after bounce above the 16200 level saw gains checked at the 16259 resistance. However, the resulting triangle pattern suggest scope for break here and the 16304 high to extend gains from the September low and see room to the 16330 resistance. Clearance here will return focus to the 16400 congestion then the 16474, June 2024 year high. Meanwhile, support at the 16124 and 16059 higher lows underpin and sustain strong run-up from the September low. Only break of these will open up room for deeper retracement of gains from the September low.