- USD/IDR drops after Indonesia’s trade numbers dropped in August.
- Indonesia’s Trade Balance grew past-$2.16 billion to $2.33 billion the previous month.
- A confluence of 100-day SMA, ascending trend line from early June offers strong support.
- A two-month-old rising trend line offers immediate key resistance.
USD/IDR stands on the slippery grounds near 14,825, down 0.77% on a day, during Tuesday’s Asian session. The pair’s recent drop can be traced to Indonesia’s August month trade numbers. In doing so, the quote defies the previous day’s upbeat performance while extending Friday’s U-turn from more than four month’s top.
Indonesian Exports dropped below -5.79% forecast to -8.36% whereas Imports recovered from -32.55% prior and -20.58% market consensus to -24.19% in the reported month. It should also be noted that the headline Trade Balance gained to $2.33B versus $2.16B expected and $3.26B prior.
The sellers are currently targeting 21-day SMA around 14,760 wherein the 14,800 threshold may offer an intermediate halt.
However, a joint of 100-day SMA and an ascending trend line from June 09, around 14,640/30, will question the bears then after.
On the contrary, the 15,000 psychological magnet offers adjacent resistance to the pair ahead of an upward sloping trend line from July 20, at 15,142 now.
USD/IDR daily chart
Trend: Further weakness expected
Additional important levels
|Today last price||14824.5|
|Today Daily Change||-115.0500|
|Today Daily Change %||-0.77%|
|Today daily open||14939.55|
|Previous Daily High||15037.5|
|Previous Daily Low||14863.895|
|Previous Weekly High||15140|
|Previous Weekly Low||14624.65|
|Previous Monthly High||14973.4|
|Previous Monthly Low||14414.8415|
|Daily Fibonacci 38.2%||14971.1829|
|Daily Fibonacci 61.8%||14930.2121|
|Daily Pivot Point S1||14856.4633|
|Daily Pivot Point S2||14773.3767|
|Daily Pivot Point S3||14682.8583|
|Daily Pivot Point R1||15030.0683|
|Daily Pivot Point R2||15120.5867|
|Daily Pivot Point R3||15203.6733|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.