USD/IDR keeps following a short symmetrical triangle formation since August thirteen.
61.8% Fibonacci retracement augment the support whereas fourteen,420 offers additional resistance.
USD/IDR shows very little reaction to the previous day’s rate cut by the Bank Republic of Indonesia (BI) because it maintains immediate symmetrical triangle formation whereas taking rounds to fourteen,240 on early Friday.
The metallic element declared its second 2019 rate cut value of zero.25% on weekday. Though, markets shrug-off the news as major attention remains on the Jackson Hole conference.
The combine follow eight-day-old symmetrical triangle as way because it trades between fourteen,330 and 14,218, that successively highlights the need of a clear stage above/below the mentioned levels so as to witness trade momentum.
On the top side break of fourteen,330, 23.6% Fibonacci retracement of July-August run-up, around 14,420, holds the gate for the pair’s rally towards the monthly high of fourteen,583.
Alternatively, 61.8% Fibonacci retracement level of fourteen,150 and 14,000 may please sellers past-14,218.
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