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31 Mar 2020

USD/IDR Price Analysis: Indonesian Rupiah risks revisiting recent low

  • USD/IDR looks north with a flag breakout on the 4-hour chart. 
  • The path of least resistance for Indonesia's Rupiah appears to be on the downside. 

The USD/IDR pair is currently trading near 16,350, having tested dip demand with a drop to 15,440 on Friday. 

With the recovery from Friday's low to 16,350, the pair has confirmed a bull flag breakout on the 4-hour chart. The bullish continuation pattern indicates the pullback from the recent high of 17,154 has ended and the rise from the January low of 13,217 has resumed. 

As a result, the Indonesian Rupiah (IDR) could re-test the low of 15,440 reached on March 23. On the downside, a close under 15,440 (low of Friday's long-tailed candle) is needed to confirm a bearish reversal. 

That level will likely come into play if the 4-hour chart support at 15,946 is breached. A violation there would invalidate the bull flag breakout. 

4-hour chart

Trend: Bullish

Technical levels

 

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