USD/IDR technical analysis: 200-day SMA back on sight

A successful break of 21-day SMA shifts market focus back to 200-day SMA.
RSI also favors the upside.

Anil Panchal FXStreet

Sustained break of 21-day SMA currently propels the USD/IDR pair towards 200-day SMA as it takes the rounds to 14,416 during early Tuesday.

The pair recently crosses 21-day simple moving average (SMA), which in-turn enable it to question the next important resistance i.e. 200-day SMA near 14,440. However, the latest high near 14,420 might offer an intermediate halt to the price rally.

In a case where the quote manages to clear 14,440 mark, May month high near 14,660 and a horizontal-line near 14, 720/25 could flash on buyers’ radar.

It should also be noted that 14-day relative strength index (RSI) is also not overbought yet and signal brighter chances of the pair’s rise over the important resistance.

Alternatively, the pair’s decline below 21-day SMA level of 14,327 highlights 23.6% Fibonacci retracement of October 2018 to February 2019 downturn near 14,230.

During additional downside past-14,230, 14,140, 14,050 and 14,000 may entertain sellers ahead of pleasing them with April low surrounding 13,970.

USD/IDR daily chart

Trend: Bullish

1. R3 14490.17
2. R2 14430.83
3. R1 14393.67
PP 14334.33
1. S1 14297.17
2. S2 14237.83
3. S3 14200.67

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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