USD/IDR: Break under 14810 could unfold a deeper downtrend – SocGen USDIDR Banks
USD/IDR failed to overcome the resistance at previous bearish gap near 15810/15880 and evolved within a sideways consolidation. “The pair is challenging the 200DMA and is approaching 14810, the 50% retracement from 2021. This is first layer of support. An initial bounce is expected however lower end of previous range near 15400 should provide resistance. “Below 14810, USD/IDR could unfold a deeper downtrend towards April 2021 high of 14600 and 14400.
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