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

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

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD retreats toward 1.0550 as dollar rebounds

EUR/USD retreats toward 1.0550 as dollar rebounds

EUR/USD has lost its traction in the American session and retreated to the 1.0550 area. In the absence of high-tier macroeconomic data releases, the dollar is staging a rebound with the US Dollar Index rising above 103.00 and forcing the pair to edge lower.

EUR/USD News

GBP/USD consolidates its weekly gains below 1.2500

GBP/USD consolidates its weekly gains below 1.2500

GBP/USD has extended its sideways grind below 1.2500 into the second half of the day on Friday with the dollar staying resilient against its rivals. Nevertheless, the pair remains on track to snap a four-week losing streak.

GBP/USD News

Gold loses traction, drops below $1,840

Gold loses traction, drops below $1,840

Gold came under modest bearish pressure in the American session on Friday and dropped below $1,840. The benchmark 10-year US Treasury bond yield stays quiet above 2.8%, helping XAU/USD limit its losses ahead of the weekend.

Gold News

Bitcoin price will bounce to $36,000, but what happens next will leave you shocked

Bitcoin price will bounce to $36,000, but what happens next will leave you shocked

A brief technical and on-chain analysis on Bitcoin price. Here, analysts evaluate where BTC could be heading next. Does the possibility for a cat bounce make sense?

Read more

PANW shows bullish reversal chart pattern after earnings beat

PANW shows bullish reversal chart pattern after earnings beat

PANW stock benefits from continued strong revenue growth. Palo Alto Networks now nearly services half of the Global 2000. PANW stock is showing a bullish reversal pattern on its daily chart.

Read more

Forex MAJORS

Cryptocurrencies

Signatures