USD/IDR technical analysis: Retreats from 21-day EMA

U-turn from short-term key EMA, multiple resistances portray USD/IDR weakness.
Nearly oversold RSI conditions challenge the pullback.

Anil Panchal FXStreet

Even after rising to 8-day high, USD/IDR couldn’t clear 21-day exponential moving average (EMA), resulting in a pullback towards 13,985 by the press time of early Wednesday.

Given the recent decline, Monday’s high around 13,975 and the previous week’s bottom close to 13,885 gain market attention.

However, an upside clearance of 21-day EMA level of 14,045 can trigger the pair’s rise towards 14,078/80 horizontal-line comprising lows marked during late-June and early month.

Adding to the resistance will be a 2-month old descending trend-line near 14,132 that holds the key for the quote’s run-up to 200-day EMA around $14,240.

It should also be noted that 14-day relative strength index (RSI) is on the back foot and close to oversold conditions, which in turn brightens chances of the pair’s recovery.

USD/IDR daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	13984.5
Today Daily Change	-2.0000
Today Daily Change %	-0.01%
Today daily open	13986.5

Trends
Daily SMA20	14060.105
Daily SMA50	14210.093
Daily SMA100	14207.332
Daily SMA200	14321.303

Levels
Previous Daily High	14001
Previous Daily Low	13936
Previous Weekly High	14027.05
Previous Weekly Low	13884
Previous Monthly High	14418
Previous Monthly Low	13746
Daily Fibonacci 38.2%	13976.17
Daily Fibonacci 61.8%	13960.83
Daily Pivot Point S1	13948
Daily Pivot Point S2	13909.5
Daily Pivot Point S3	13883
Daily Pivot Point R1	14013
Daily Pivot Point R2	14039.5
Daily Pivot Point R3	14078

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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