USD/IDR Price Analysis: Early gains erased, risks skewed to the downside

USD/IDR's daily chart indicators are signaling buyer exhaustion.
Indonesia's Rupiah has erased early losses and could rise further to 15,800 per US dollar.

Omkar Godbole FXStreet Contributor

The bid tone around Indonesia's Rupiah (IDR) strengthened a few minutes before press time, pushing USD/IDR lower from the session high of 16,500 to 16,120.

The pair has erased early gains and could drop further, as signs of buyer exhaustion have emerged on the daily chart.

The pair created a bearish inside day candle on Tuesday, which occurs when the pair trades well within the range of the preceding day and ends the day on a negative note. While it is widely considered a sign of indecision, the candlestick pattern has appeared following a notable rally in USD/IDR's case and is reflective of bull fatigue.

Tuesday's bearish inside day candle has also validated overbought conditions signaled by the 14-day relative strength index and shifted risk in favor of a drop to 15,800.

On the higher side, a close above Tuesday's high of 16,500 is needed to put the bulls back into the driver's seat.

Daily chart

Trend: Bearish

Technical levels

USD/IDR

Overview
Today last price	16121
Today Daily Change	18.4500
Today Daily Change %	0.11
Today daily open	16102.55

Trends
Daily SMA20	14798.36
Daily SMA50	14145.01
Daily SMA100	14067.7075
Daily SMA200	14095.4712

Levels
Previous Daily High	16977.5
Previous Daily Low	15855
Previous Weekly High	16495
Previous Weekly Low	14612.9865
Previous Monthly High	14435
Previous Monthly Low	13586.7255
Daily Fibonacci 38.2%	16283.795
Daily Fibonacci 61.8%	16548.705
Daily Pivot Point S1	15645.8667
Daily Pivot Point S2	15189.1833
Daily Pivot Point S3	14523.3667
Daily Pivot Point R1	16768.3667
Daily Pivot Point R2	17434.1833
Daily Pivot Point R3	17890.8667

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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