USD/IDR Price Analysis: Two-week-old falling trendline caps immediate upside

USD/IDR fails to hold onto recovery gains from the multi-month low.
Weak RSI levels can trigger another bounce.
21-day SMA, eight-week-long trend line add to the resistance.

Anil Panchal FXStreet

USD/IDR takes rounds to 13,620 during early Wednesday. The pair recently bounced off the lowest since February 2018 but failed to cross the short-term resistance line, which in turn increases the odds of the pair’s further weakness.

While 13,600 and the recent low near 13,560 can please the bears during further declines, 13,450 and the year 2018 bottom close to 13,255 may mark their presence afterward.

On the upside, a clear break of 13,650, comprising the immediate resistance line, could push the USD/IDR prices towards a 21-day SMA level of 13,737.

However, pair’s further recovery past-13,737 needs to conquer a falling trend line since early-December, around 13,900 now, to lure the bulls.

USD/IDR daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	13628
Today Daily Change	-12.5000
Today Daily Change %	-0.09%
Today daily open	13640.5

Trends
Daily SMA20	13747.0483
Daily SMA50	13907.0849
Daily SMA100	14000.533
Daily SMA200	14105.5042

Levels
Previous Daily High	13720.5
Previous Daily Low	13217.378
Previous Weekly High	13716
Previous Weekly Low	13521.5
Previous Monthly High	14181.2945
Previous Monthly Low	13676.9335
Daily Fibonacci 38.2%	13409.5706
Daily Fibonacci 61.8%	13528.3074
Daily Pivot Point S1	13331.752
Daily Pivot Point S2	13023.004
Daily Pivot Point S3	12828.63
Daily Pivot Point R1	13834.874
Daily Pivot Point R2	14029.248
Daily Pivot Point R3	14337.996

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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