USD/IDR Price Analysis: Indonesian Rupiah rises to 16,377 per US dollar

USD/IDR's daily chart is reporting a bearish divergence of a key indicator.
The pair risks falling to 16,000 in the short-term.

Omkar Godbole FXStreet Contributor

Indonesia's Rupiah (IDR) is better bid at press time and could continue to gain ground against the US dollar in the short-term, according to technical charts.

The USD/IDR currency pair is currently trading in the red at 16,377, having hit a high of 16,645 early Tuesday.

The pair could slide further toward 16,000, as the 14-day relative strength index is reporting a bearish divergence, which occurs when the indicator prints lower highs as opposed to higher highs on the price chart.

The bearish divergence occurred on April 1, when the pair hit a record high of 17,670 and the indicator printed a lower high and was confirmed on Monday with the indicator's drop below 70.

The RSI has also breached the ascending trendline, indicating an end of the uptrend from January lows near 13,200.

Daily chart

Trend: Bearish

Technical levels

USD/IDR

Overview
Today last price	16377
Today Daily Change	-74.5500
Today Daily Change %	-0.45
Today daily open	16460.55

Trends
Daily SMA20	15772.7064
Daily SMA50	14633.5806
Daily SMA100	14274.8878
Daily SMA200	14195.6186

Levels
Previous Daily High	16825
Previous Daily Low	16361.654
Previous Weekly High	17670.5
Previous Weekly Low	15946.009
Previous Monthly High	17154
Previous Monthly Low	13937.8155
Daily Fibonacci 38.2%	16648.0018
Daily Fibonacci 61.8%	16538.6522
Daily Pivot Point S1	16273.136
Daily Pivot Point S2	16085.722
Daily Pivot Point S3	15809.79
Daily Pivot Point R1	16736.482
Daily Pivot Point R2	17012.414
Daily Pivot Point R3	17199.828

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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