USD/IDR Price News: Indonesian rupiah sellers attack weekly resistance ahead of BI rate decision
|- USD/IDR benefits from an upside break to monthly falling trend line.
- 200-bar SMA lures the bulls amid upbeat MACD, sellers have multiple reasons to refrain from entries.
USD/IDR refreshes intraday top to 14,218, currently up 0.80% around 14,208, while heading into Thursday’s European session. In doing so, the pair extends the upside break of a descending trend line from October 30 towards confronting a short-term resistance line from November 09 amid bullish MACD.
Read: Indonesia: BI to remain on hold this week – UOB
Not only the mixed technical signals but the pair traders’ cautious mood ahead of the Bank Indonesia’s (BI) rate decision, expected to keep the 4.0% mark, also challenge the recent moves.
As a result, a clear break above 14,215 becomes necessary, backed by downbeat comments from the BI, to favor the USD/IDR buyers targeting a 200-bar SMA level of 14,526.
Alternatively, a surprise rate move can fetch the quote back to the previous resistance line, now support, around 14,025, before highlighting the 14,000 threshold for the USD/IDR bears.
In a case where the pair remains depressed below the 14,000 round-figures, the monthly low near 13,725 will regain the market’s attention.
USD/IDR four-hour chart
Trend: Further upside expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.