USD/IDR Price News: Indonesian rupiah bulls aim for six-week-old rising trendline
|- USD/IDR extends the week-start pullback from 14,958.70.
- Bearish MACD, failures to bounce keep sellers hopeful.
- 200-bar SMA adds to the downside support, bulls will have to cross 15,000 to regain confidence.
USD/IDR drops 0.80 to 14,593 ahead of the European session on Thursday. The pair defies the previous day’s bounce off 14,558 while flashing a second negative day so far in the week.
Considering the bearish MACD and Monday’s U-turn from 14,958, sellers are attacking an upward sloping trend line from June 09, a break of which could push them towards 14,385 level comprising 200-day SMA.
Though, pair’s fall past-14,385 will aim for 14,000 threshold before highlighting the June month bottom surrounding 13,850.
Should buyers step-in from the support line, they will have to cross 15,000 round-figures prior to targeting May month’s peak around 15,470. However, an intermediate pullback to the weekly top of 14,958 can’t be ruled out.
USD/IDR four-hour chart
Trend: Pullback expected
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