USD/IDR Price Analysis: Probing channel support at 13,680

USD/IDR's daily chart shows the pair is trapped in a minor ascending channel.
The breakdown would imply a resumption of the broader downtrend.

Omkar Godbole FXStreet Contributor

USD/IDR has created a minor ascending channel on the daily chart over the last 2.5-weeks. The pair is currently flirting with the lower edge of the channel at 13,680.

Acceptance below that level would imply a continuation of the downtrend that has been in place ever since the pair topped out at 14,350 in August 2019.

The channel breakdown would open the doors to 13,497 (February 2018 low). On the flip side, a close above 13,785 (Jan. 31 high) is needed to confirm a short-term bullish reversal.

A breakdown looks likely as the 11-day relative strength index is already reporting bearish conditions with a below-50 print.

Daily chart

Trend: Bearish

Technical levels

USD/IDR

Overview
Today last price	13687
Today Daily Change	-22.0000
Today Daily Change %	-0.16
Today daily open	13709

Trends
Daily SMA20	13676.9
Daily SMA50	13834.6289
Daily SMA100	13968.4705
Daily SMA200	14082.2342

Levels
Previous Daily High	13770
Previous Daily Low	13653
Previous Weekly High	13834.218
Previous Weekly Low	13600
Previous Monthly High	14023
Previous Monthly Low	13217.378
Daily Fibonacci 38.2%	13725.306
Daily Fibonacci 61.8%	13697.694
Daily Pivot Point S1	13651.3333
Daily Pivot Point S2	13593.6667
Daily Pivot Point S3	13534.3333
Daily Pivot Point R1	13768.3333
Daily Pivot Point R2	13827.6667
Daily Pivot Point R3	13885.3333

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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