USD/IDR: Break under 14810 could unfold a deeper downtrend – SocGen

USD/IDR failed to overcome the resistance at previous bearish gap near 15810/15880 and evolved within a sideways consolidation. 

Test of 14810 on the cards

“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.  

“Failure to reclaim 15400 would mean persistence in decline.”

“Below 14810, USD/IDR could unfold a deeper downtrend towards April 2021 high of 14600 and 14400.”