USD/IDR technical analysis: Sellers await further declines below 12-week old support-line

USD/IDR bounces off to 12-week-old support-line despite breaking it on Friday.
100/200-DMA and 14,230/35 confluence limit immediate upside.
Bearish MACD increases the odds of further declines to 23.6% Fibonacci retracement.

Anil Panchal FXStreet

Even after breaking an upward sloping trend-line since mid-June on Friday, the USD/IDR pair refrains from further declines as it trades near 14,095 during the Asian session on Monday.

Sellers await a clear break below 14,090 support-line in order to aim for 23.6% Fibonacci retracement of April-June downpour, at 13,977. However, July month low near 13,880 could restrict the pair’s further declines.

Supporting the odds of pair’s further weakness bearish signal from 12-bar moving average convergence and divergence (MACD) indicator and pair’s sustained trading below 100-day and 200-day simple moving average (DMA).

In a case pair extends the latest pullback beyond 100 and 200-DMA confluence region around 14,210/15, a falling trend-line since early August and 50% Fibonacci retracement could question further advances near 14,230/35.

Given the pair’s ability to surpass 14,235, 61.8% Fibonacci retracement level of 14,347 could flash on buyers’ radar.

USD/IDR technical analysis

Trend: pullback expected

additional important levels

Overview
Today last price	14092
Today Daily Change	24.8500
Today Daily Change %	0.18%
Today daily open	14067.15

Trends
Daily SMA20	14218.3975
Daily SMA50	14141.417
Daily SMA100	14211.265
Daily SMA200	14214.2692

Levels
Previous Daily High	14187.7
Previous Daily Low	14030.05
Previous Weekly High	14276.5
Previous Weekly Low	14030.05
Previous Monthly High	14582.9
Previous Monthly Low	14075
Daily Fibonacci 38.2%	14090.2723
Daily Fibonacci 61.8%	14127.4777
Daily Pivot Point S1	14002.2333
Daily Pivot Point S2	13937.3167
Daily Pivot Point S3	13844.5833
Daily Pivot Point R1	14159.8833
Daily Pivot Point R2	14252.6167
Daily Pivot Point R3	14317.5333

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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