USD/IDR technical analysis: On a defensive below immediate resistance-line, eyes 50-day EMA, 61.8% Fibo.
- USD/IDR remains on a back foot lobe seven-day old falling trend-line.
- 50-day EMA, 61.8% Fibonacci retracement gain sellers’ attention.
- MACD, RSI signal further weakness.
With the key technical indicators limiting the USD/IDR pair’s moves, the quote seesaws near 14,230 during early Thursday.
In addition to the downward sloping trend-line since August 13 limiting the pair’s immediate upside, at 14,333, gradually declining 14-bar relative strength index (RSI) and 12-bar moving average convergence and divergence (MACD) also portrays the pair’s weakness.
As a result, chances of its declines to 50-day exponential moving average (EMA) level around 14,180 and then a following drop to 61.8% Fibonacci retracement of July-August upside, at 14,150, can well be anticipated.
During the pair’s south-run past-14,150, 14,000 and July 19 low near 13,880 gains sellers’ attention.
Alternatively, an upside break of 14,333 resistance-line can trigger fresh increase towards 23.6% Fibonacci retracement level close to 14,420 whereas monthly high near 14,580 will lure bulls then after.
USD/IDR daily chart
Trend: Bearish
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.
