USD/IDR technical analysis: Multiple falling trendlines question latest pullback

• USD/IDR recovers from mid-September lows.
• The upside break of near-term key resistance lines can challenge October high.

Not only a descending trend line since mid-October but falling resistance lines from October 08 also question the USD/IDR pair’s recent recovery. The pair currently trades near 14,050 ahead of the European session opening on Monday.

Should prices rally beyond 14,070 and 14,120 resistances, October 16 high of 14,228 and the previous month top surrounding 14,275 will be on the bulls’ radar.

Meanwhile, 14,000 and the monthly low near 13,930 can keep sellers in check ahead of challenging them with the September month bottom close to 13,880.

While sustained strength of the 14-bar Relative Strength Index (RSI) favor the buyers, multiple trend lines can keep repeating the recent sideways to negative trading pattern intact.

USD/IDR 4-hour chart

Trend: bearish