USD/IDR Price Analysis: Ignores Thursday’s Doji, breaks multi-month-old support line

USD/IDR drops to the fresh low since February 2018.
The pair recently ignored a bullish candlestick formation while breaking the medium-term support trend line.
50-day SMA, a two-month-old resistance line will challenge buyers during the recovery.

Anil Panchal FXStreet

USD/IDR remains favorite to the bears while declining to 13,574 during early Friday. The quote slipped to the fresh low since February 2018 of 13,569 during the Asian session.

In doing so, the quote ignored the bullish Doji candlestick formation portrayed on Thursday as well as broke a downward sloping trend line stretched from September 12, 2019. Also showing the sellers’ dominance is the bearish signal from MACD.

With this, the pair is likely dropping towards the late-October 2017 low near 13,475 whereas January 2018 bottom close to 13,270 could please the bears afterward.

Should the pair closes beyond the support-turned-resistance line, at 13,620 now, on a daily basis, 13,730 and 13,835/40 can entertain buyers.

Though, the pair’s upside beyond 13,840 will be challenged by 50-day SMA and two-month-old resistance line around 13,925/35.

USD/IDR daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	13576.3
Today Daily Change	-85.7000
Today Daily Change %	-0.63%
Today daily open	13662

Trends
Daily SMA20	13788.3513
Daily SMA50	13933.4649
Daily SMA100	14012.635
Daily SMA200	14111.8067

Levels
Previous Daily High	13679.5
Previous Daily Low	13601.5
Previous Weekly High	13769.2215
Previous Weekly Low	13614.5
Previous Monthly High	14181.2945
Previous Monthly Low	13676.9335
Daily Fibonacci 38.2%	13649.704
Daily Fibonacci 61.8%	13631.296
Daily Pivot Point S1	13615.8333
Daily Pivot Point S2	13569.6667
Daily Pivot Point S3	13537.8333
Daily Pivot Point R1	13693.8333
Daily Pivot Point R2	13725.6667
Daily Pivot Point R3	13771.8333

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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