USD/IDR Price News: Indonesian rupiah eyes extra gains amid rounding top breakdown

USD/IDR slumps to fresh 4-month lows below 14K mark.
Rounding top breakdown on daily chart points to more losses.
Oversold RSI could trigger a shallow bounce ahead of US NFP.

Dhwani Mehta FXStreet

USD/IDR has breached the critical 14000 level earlier in Friday’s Asian trading, still remains exposed to the further downside amid a bearish technical set up on the daily sticks.

The spot has charted a rounding top breakdown following a breach of the critical horizontal trendline support at 14,103. The bears had already got a boost after the price pierced the 200-DMA support at 14,361 on Thursday.

The spot is set to the test the 12K mark in the medium-term, as the path of least resistance remains to the downside amid lack of significant support levels.

However, a bounce in the near-term back towards the 200-DMA cannot be ruled, as the daily Relative Strength Index (RSI) trends in extremely oversold conditions, warranting a temporary pullback ahead of the US NFP data release.

USD/IDR: Daily chart

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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