USD/IDR to slip towards the 13973.00/13931.00 support zone – Commerzbank

The USD/IDR pair still has support at 13973.00/13931.00 in its sights which is likely to once again hold, according to Axel Rudolph, Senior FICC Technical Analyst at Commerzbank. 

Key quotes

“We believe that the 13987.00/13931.00 support zone, including the February, July, September, November 2019 as well as the June 2020 lows, will be revisited before year-end but should then hold. While this is the case, the July and August lows at 14406.00/14517.00 may also be retested but at a later stage.” 

“While the cross remains below the 14860.34/14882.91 late October high and the 200-day moving average, overall downside pressure should remain in play.” 

“Below the 13897.00/13931.00 support area key support can be seen between the January and February lows at 13627.00/13592.00.”