USD/IDR Technical Analysis: 21-day SMA caps upside on Indonesian election-day

Anil Panchal FXStreet

USD/IDR trades near 14,080 while heading into the European open on Wednesday, the day of Indonesian general election.

While 21-day simple moving average (SMA) seems to restrict the quote’s near-term upside around 14,170, a downward sloping trend-line since late- December is acting as a strong resistance for the buyers to confront near 14,250.

Should prices manage to clear 14,250 upside barrier on a daily closing basis, 14,350 and the March month high near 14,420 could be next on the bull’s radar.

On the downside, March month low surrounding 23.6% Fibonacci retracement of December to February downpour, near 14,050, can provide strong support, a break of which can please sellers with 14,000 and late-February lows around 13,940.

Given the bears’ refrain from respecting 13,940 rest-point, February month lows near 13,860 could become their favorite.

USD/IDR daily chart

Trend: Sideways

1. R3 14246.17
2. R2 14202.33
3. R1 14143.67
PP 14099.83
1. S1 14041.17
2. S2 13997.33
3. S3 13938.67

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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