USD/IDR technical analysis: 23.6% Fibo. challenges recent pullback

USD/IDR bounces off July lows but remains below 23.6% Fibonacci retracement.
21-day EMA, 38.2% Fibonacci retracement confluences becomes short-term key resistance.

Anil Panchal FXStreet

Even after bouncing off July month bottom, the USD/IDR pair fails to successfully cross 23.6% Fibonacci retracement of April-June downpour as it trades near 13,920 during the Asian session on Friday.

While oversold conditions of 14-day relative strength index (RSI) questions that pair’s further declines below July month low surrounding 13,880, an extended south-run might not hesitate to visit yearly bottom surrounding 13,750.

On the upside, pair’s sustained rise beyond 23.6% Fibonacci retracement level around 13,980 offers immediate resistance, a break of which can propel prices to Tuesday’s low near 14,070.

However, 21-day exponential moving average (EMA) and 38.2% Fibonacci retracement, at 14,110/15, could restrict pair’s advances past-14,070, if not then a run-up towards monthly top surrounding 14,275 can’t be denied.

USD/IDR daily chart

Trend: pullback expected

additional important levels

Overview
Today last price	13920.5
Today Daily Change	6.0000
Today Daily Change %	0.04%
Today daily open	13914.5

Trends
Daily SMA20	14169.03
Daily SMA50	14130.886
Daily SMA100	14206.2745
Daily SMA200	14205.8335

Levels
Previous Daily High	14112.4
Previous Daily Low	13883
Previous Weekly High	14276.5
Previous Weekly Low	14030.05
Previous Monthly High	14582.9
Previous Monthly Low	14075
Daily Fibonacci 38.2%	13970.6308
Daily Fibonacci 61.8%	14024.7692
Daily Pivot Point S1	13827.5333
Daily Pivot Point S2	13740.5667
Daily Pivot Point S3	13598.1333
Daily Pivot Point R1	14056.9333
Daily Pivot Point R2	14199.3667
Daily Pivot Point R3	14286.3333

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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