USDIDR Buy On WeaknessThis chart shows the USD/IDR pair (U.S. Dollar/Indonesian Rupiah) on a weekly timeframe. Below is the analysis based on the visible trend lines, price action, and channels:
1. Ascending Channel:
The chart illustrates a clear upward channel that has been maintained since 2017, suggesting a long-term bullish trend in the USDIDR pair.
The price has bounced from the lower bound of the channel, which indicates that the support line around the 15,200 region is holding well.
2. Support and Resistance:
Support: The price is currently hovering around 15,459. The nearest strong support zone is at 15,200 as it coincides with both historical price levels and the lower bound of the upward channel.
Resistance: There are several resistance levels ahead:
16,400 (the dotted line): This seems to be a mid-level resistance line within the channel.
16,600: This appears to be the next major resistance, as indicated by the chart and could represent a key decision zone.
3. Possible Future Movement:
The chart suggests a bullish bias in the future, as indicated by the projected zigzag path. The price is expected to bounce between resistance and support lines before possibly reaching towards the upper boundary of the channel near 16,600.
Short-term correction: Before further bullish movement, the price might dip slightly towards the 15,400 or 15,200 support levels.
4. Long-Term Outlook:
The price trend continues to suggest an upward movement in the long term, as the channel is clearly moving upwards. A breakout above the 16,400–16,600 resistance zone could accelerate the USDIDR towards new highs.
Conclusion :
Bullish Outlook: The USDIDR seems to be in a long-term bullish channel. After potentially testing support at 15,200, the price may resume its upward trajectory, targeting 16,400 and possibly 16,600 in the coming months.
