Technical Analysis of Weekly Price Movement of USD/IDR Exotic Currency Pairs, Monday October 09, 2023.
October 9, 2023 8:26 am
If we look at the weekly chart of this exotic currency pair USD/IDR, it is clear that the USD seems to still have the opportunity to continue its strengthening against the Garuda currency which is still moving above the WMA (300) with the condition of the Tenkan Sen intersecting the Golden Cross above the Kinjun Sen, Chikou The span is above the Kumo and above the price movement and what is certain is that the price movement is above the Kumo which all shows that the USD is still prevailing over the rupiah currency without any resistance at all so based on these facts USD/IDR in the next few weeks has the opportunity to strengthen up to level 15737.84-15768.94 as the main target and if the momentum and volatility support the strengthening of the USD against the rupiah then it is not impossible that it will go to the area level 15950.92-16039.26, but even though it has a fairly small probability if on its way to these targets the rupiah suddenly strengthens to falls below the level of 14428.65, then the strengthening of the USD with the scenario outlined previously will be halted for a while.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
If we look at the weekly chart of this exotic currency pair USD/IDR, it is clear that the USD seems to still have the opportunity to continue its strengthening against the Garuda currency which is still moving above the WMA (300) with the condition of the Tenkan Sen intersecting the Golden Cross above the Kinjun Sen, Chikou The span is above the Kumo and above the price movement and what is certain is that the price movement is above the Kumo which all shows that the USD is still prevailing over the rupiah currency without any resistance at all so based on these facts USD/IDR in the next few weeks has the opportunity to strengthen up to level 15737.84-15768.94 as the main target and if the momentum and volatility support the strengthening of the USD against the rupiah then it is not impossible that it will go to the area level 15950.92-16039.26, but even though it has a fairly small probability if on its way to these targets the rupiah suddenly strengthens to falls below the level of 14428.65, then the strengthening of the USD with the scenario outlined previously will be halted for a while.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
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