USD/IDR Price Analysis: Drops to multi-year-old support trendline near 13,600

USD/IDR registers the biggest monthly losses in a year.
Break of 50-month SMA, 23.6% Fibonacci retracement portrays the pair’s weakness.
A monthly break below the key support line will extend the south run.

Anil Panchal FXStreet

USD/IDR trades near 13,630 during the early Monday. In doing so, the pair extends the declines below 50-month SMA and 23.6% Fibonacci retracement of its broad run-up from August 2011 to October 2018.

The pair now rests on the multi-month-old support trend line stretched from October 2016, currently around 13,600.

As a result, the bears are looking for a monthly break below the key support line to take aim at October 2016 bottom surrounding 12,930. Though, the year 2018 bottom close 13,270 could offer an intermediate halt.

Meanwhile, a pullback from the current levels needs to cross 50-month SMA, at 13,770 now, to revisit 14,000 and August 2019 high near 14,350.

USD/IDR monthly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	13608.5
Today Daily Change	1.0500
Today Daily Change %	0.01%
Today daily open	13607.45

Trends
Daily SMA20	13771.0488
Daily SMA50	13924.4539
Daily SMA100	14008.038
Daily SMA200	14109.6515

Levels
Previous Daily High	13693.5
Previous Daily Low	13521.5
Previous Weekly High	13716
Previous Weekly Low	13521.5
Previous Monthly High	14181.2945
Previous Monthly Low	13676.9335
Daily Fibonacci 38.2%	13587.204
Daily Fibonacci 61.8%	13627.796
Daily Pivot Point S1	13521.4667
Daily Pivot Point S2	13435.4833
Daily Pivot Point S3	13349.4667
Daily Pivot Point R1	13693.4667
Daily Pivot Point R2	13779.4833
Daily Pivot Point R3	13865.4667

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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