USD/IDR Price Analysis: Indonesian Rupiah's range play continues

• USD/IDR remains stuck in a sideways channel on the 4-hour chart. 
• A range breakdown would imply a continuation of the sell-off from monthly highs. 

The Indonesian Rupiah is lacking a clear directional bias for the tenth straight day. 

The USD/IDR pair has been restricted to a narrow range of 15,600 to 15,400 since April 9. The sideways churn has neutralized the immediate bearish setup. 

However, if the range play ends with a downside break under 15,400, it would imply a resumption of the sell-off from the monthly highs above 16,500 and could yield a test of the 4-hour chart 200-candle average, currently at 14,959. 

Alternatively, a range breakout would imply an end of the pullback from monthly highs and open the doors to resistance at 15,868. The pair is trading in a sideways manner around 15,470 at press time. 

4-hour chart

Trend: Neutral

Technical levels