USD/IDR technical analysis: Bearish MACD questions pullback from 38.2% Fibo.

USD/IDR remains above 50-day EMA after bouncing off 38.2% Fibonacci retracement of April-June downpour.
Bearish MACD, repeated failures to rise past-61.8% Fibonacci retracement favor sellers.

Anil Panchal FXStreet

Despite regaining its stand beyond 50-day exponential moving average (EMA), the USD/IDR pair remains on the back while making the rounds to 14,213 on early Monday.

The pair pulled back from 38.2% Fibonacci retracement but bearish signals by the 12-bar moving average convergence and divergence (MACD), coupled with repeated failures to cross 61.8% Fibonacci retracement, favor the odds of pair’s declines to 50-day EMA level near 14,180 and then to Friday’s low near 14,115.

In a case prices keep falling after 14,115, an upward sloping trend-line since June 18, at 14,040 can offer an intermediate halt to prices ahead of highlighting 14,000 round-figure.

Meanwhile, a daily closing beyond 61.8% Fibonacci retracement level of 14,344 can push buyers towards June 17 high close to 14,420.

During the pair’s run-up past-14,420, current month top around 14,580 will be the key to watch for bulls.

USD/IDR daily chart

Trend: Sideways

1. R3 14527.35
2. R2 14411.45
3. R1 14347.75
PP 14231.85
1. S1 14168.15
2. S2 14052.25
3. S3 13988.55

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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