USD/IDR Price News: Indonesian rupiah sellers will look for entries beyond 14,420/25
|- USD/IDR defies the previous day’s candlestick formation to extend the recoveries from 14,060.
- 200-day SMA and the resistance line of a seven-week-old falling trend channel guards immediate upside.
- The channel’s support could lure the bears below the monthly support.
USD/IDR takes the bids near 14,200 during the pre-European session on Monday. In doing so, the pair fails to respect Friday’s Doji candlestick, suggesting a reversal of the pullback from Tuesday’s low of 14,002.
Even so, 200-day SMA and an upper line of the short-term descending trend channel restricts the pair’s bounces around 14,420/25.
Hence, the pair’s declines to June 16 bottom surrounding 14,000 can’t be ruled out. However, monthly low close to 13,870 and the channel’s support line around 13,560 might question the bears afterward.
It’s worth mentioning that the RSI conditions aren’t favoring any major downside and hence bulls can remain hopeful beyond 14,425.
In doing so, the 14,500 and May 26 top near 15,020 could lure the optimists. Though, late-April low near 15,370 can challenge the bulls afterward.
USD/IDR daily chart
Trend: Pullback expected
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