USD/IDR Price Analysis: Indonesia's Rupiah's record low is not confirmed by the daily RSI

USD/IDR's daily chart shows an impending bearish divergence of the RSI.
Confirmation of divergence would imply bull fatigue and yield pullback.

Omkar Godbole FXStreet Contributor

USD/IDR pair rose to 17,680 on Wednesday, marking a fresh record low for Indonesia's Rupiah. The previous record low of 17,154 was registered on March 23.

The drop to new lifetime lows, however, was not confirmed by the USD/IDR's 14-day relative strength index.

While the pair crossed above the March 23 high of 17,154, setting a higher high on the daily chart, the RSI did not follow suit.

The impending bearish divergence suggests a weakening of the upward momentum. The bearish divergence would be confirmed if the spot ends Thursday on a negative note. That would open the doors for a recovery in Indonesia's Rupiah (pullback in USD/IDR).

At press time, the pair is trading largely unchanged on the day near 16,853.

Daily chart

Trend: Bull fatigue

Technical levels

USD/IDR

Overview
Today last price	16863
Today Daily Change	83.0500
Today Daily Change %	0.49
Today daily open	16779.95

Trends
Daily SMA20	15437.5064
Daily SMA50	14458.6296
Daily SMA100	14200.4773
Daily SMA200	14158.9886

Levels
Previous Daily High	17670.5
Previous Daily Low	16274
Previous Weekly High	17154
Previous Weekly Low	15440
Previous Monthly High	17154
Previous Monthly Low	13937.8155
Daily Fibonacci 38.2%	17137.037
Daily Fibonacci 61.8%	16807.463
Daily Pivot Point S1	16145.8
Daily Pivot Point S2	15511.65
Daily Pivot Point S3	14749.3
Daily Pivot Point R1	17542.3
Daily Pivot Point R2	18304.65
Daily Pivot Point R3	18938.8

Author

Omkar Godbole

FXStreet Contributor

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

EUR/USD weakens below 1.1700 as Middle East tensions drive US Dollar strength

The EUR/USD pair trades with mild losses around 1.1685, the lowest since late January, during the early Asian session on Tuesday. The US Dollar gathers strength against the Euro as escalating tensions in the Middle East boost safe-haven currencies. The preliminary reading of the Harmonized Index of Consumer Prices from the Eurozone will be published later on Tuesday.

GBP/USD hovers around 1.3400 with bearish pressure intact

GBP/USD edges higher after three days of losses, trading around 1.3400 during the Asian hours on Tuesday. The technical analysis of the daily chart indicates an ongoing bearish bias, as the pair trades within a descending channel pattern.

Gold defends bids as US-Iran war continues to fuel safe-haven flows

Gold retains positive bias for the fifth consecutive day on Tuesday as rising geopolitical tensions in the Middle East continue to underpin safe-haven assets. However, a bullish US Dollar keeps the bullion below its highest level since late January, set on Monday, warranting caution before positioning for any further appreciation.