USD/IDR technical analysis: Overbought RSI, 200-day SMA limit upside, sellers await 14,440 break

Overbought RSI and failure to successfully cross 200-day SMA question buyers.
Sellers can sneak in if breaking short-term support-line.

Anil Panchal FXStreet

With the five-week-old ascending support-line continues to limit the USD/IDR pair’s immediate declines, the quote trades around 14,500 by the press time of early Wednesday.

However, overbought levels of 14-day relative strength index (RSI) and failure to provide a sustained rise beyond 200-day simple moving average (SMA) portrays the momentum weakness.

Hence, sellers can slip in if prices drop beneath 14,440 support-line but need to validate the downturn by conquering 61.8% Fibonacci retracement of June to October 2018 upside and March 2019 high surrounding 14,430/10.

If that happens, 14,300, 14,180 and 14,100 can quickly appear on the chart whereas 14,000 and April low near 13,980 can lure bears afterward.

Should there be a successful rise above 200-day SMA level of 14,480, 50% Fibonacci retracement level near 14,630 and a horizontal line connecting December 2018 top to April 2019 high at 14,720 may become buyers’ favorites.

Additionally, pair’s sustain trading past-14,720 may challenge 14,870 and 14,940 ahead of aiming 15,000 round-figure.

USD/IDR daily chart

Trend: Pullback expected

1. R3 14547.67
2. R2 14525.33
3. R1 14488.67
PP 14466.33
1. S1 14429.67
2. S2 14407.33
3. S3 14370.67

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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