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Rupiah Goes Offered Amid Omicron Worry

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  • RES 4: $90.00 - Psychological round number
  • RES 3: $88.74 - 2.00 proj of the Aug 23 - Sep 3 - Sep 9 price swing
  • RES 2: $86.55 - 1.764 proj of the Aug 23 - Sep 3 - Sep 9 price swing
  • RES 1: $86.10 - Intraday high
  • PRICE: $85.468 @ 07:00 BST Oct 21
  • SUP 1: $83.61 - Low Oct 20
  • SUP 2: $82.20/81.10 - Low Oct 13 / 20-day EMA
  • SUP 3: $79.08/78.75 - Low Oct 7 and key support / Low Oct 4
  • SUP 4: $76.51/75.42 - Low Sep 30 and key support / High Sep 15

The bull trend in Brent futures remains intact with a fresh trend high print registered overnight. The continued move higher resumes the uptrend and maintains the bullish price sequence of higher highs and higher lows. Note too that the futures have recently cleared the $80.00 handle, an important psychological hurdle. The focus is on $86.55 next, a Fibonacci projection. Initial firm short-term support is seen at $83.61, Oct 20 low.