USD/IDR Technical Analysis: Probing the descending triangle resistance

• USD/IDR has charted a big descending triangle on the daily chart. 
• A close above 14,095 would confirm a bullish breakout. 
• That would mark the beginning of a bearish trend in the Indonesian Rupiah (IDR).

USD/IDR is teasing a bullish breakout. 

The currency pair is currently probing the resistance at 14,095 – the upper edge of the resistance of the descending triangle represented by trendlines connecting Aug. 6 and Oct. 16 highs and July 19 and Sept. 13 lows. 

A close above 14,095 would confirm a bullish breakout. That would indicate the sell-off October 2018 highs above 15,260 has ended and the bulls have regained control. 

The breakout would open the doors for 14,215 (Oct. 1 high). 

On the downside, a violation of a higher low at 14,035 would expose the triangle support, currently at 13,930.

Daily chart

Trend: Teasing breakout

Technical levels