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20.05.202406:18 Forex Analysis & Reviews: Technical Analysis of Daily Price Movement of USD/IDR Exotic Currency Pairs , Monday May 20, 2024.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 20.05.2024 analysis

If we look at the daily chart of the exotic currency pair USD/IDR, we can see that the price movement is forming an Ascending Broadening Wedge pattern accompanied by the position of EMA 20 which intersects below EMA 50, then it is confirmed that USD/IDR is currently weakening down where the level of 15914.88 will try to be tested and if during in the course of its weakening, there was no significant strengthening, especially breaking above the 16200 level and the 15914.88 level was successfully broken below, so the next level to be aimed at is 15848 as the main target and if the momentum and volatility are supportive then it is not impossible that in the next few days the 1551.30 level will be the next target to be addressed.

(Disclaimer)

Arief Makmur
Analytical expert of InstaForex
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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