USD/IDR Price Analysis: Indicators suggest downside momentum may be ebbing

USD/IDR's daily chart indicators are reporting bullish developments.
A corrective bounce to resistance near 14,700 could be in the offing.

Omkar Godbole FXStreet Contributor

USD/IDR's downtrend from the May 2019 high of 14,525 may be running out of steam, according to key technical indicators.

The 14-day relative strength index has charted higher lows over the last two weeks, contradicting lower lows on the price chart. The bullish divergence indicates a price bounce could be in the offing.

The daily chart MACD histogram is also trending north (albeit below zero) since Jan. 17, warning an impending bullish reversal.

A move above 13,714 (Jan. 15 high) would imply a temporary bottom has been made and could yield a rally to 13,910 (September low). The odds of a corrective bounce would weaken if prices find acceptance under 13,560 (June 24 low).

Daily chart

Trend: Bullish

Technical levels

USD/IDR

Overview
Today last price	13657.4
Today Daily Change	-24.6500
Today Daily Change %	-0.18
Today daily open	13682.05

Trends
Daily SMA20	13759.2763
Daily SMA50	13916.1949
Daily SMA100	14004.556
Daily SMA200	14107.6767

Levels
Previous Daily High	13716.509
Previous Daily Low	13573
Previous Weekly High	13716
Previous Weekly Low	13521.5
Previous Monthly High	14181.2945
Previous Monthly Low	13676.9335
Daily Fibonacci 38.2%	13627.8204
Daily Fibonacci 61.8%	13661.6886
Daily Pivot Point S1	13597.8637
Daily Pivot Point S2	13513.6773
Daily Pivot Point S3	13454.3547
Daily Pivot Point R1	13741.3727
Daily Pivot Point R2	13800.6953
Daily Pivot Point R3	13884.8817

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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