USD/IDR Technical Analysis: Three-year-old rising trendline in focus

USD/IDR seesaws around 61.8% Fibonacci retracement of 2016/18 upside.
Bearish MACD, failure to carry the previous month’s recovery indicate further declines.

Anil Panchal FXStreet

USD/IDR remains under pressure while trading around 13,870 during the pre-European session on Tuesday. The pair recently slipped beneath 61.8% Fibonacci retracement of longer-term upside and hence a monthly close will be closely observed for further direction.

On a monthly close below 61.8% Fibonacci retracement of 13,860, the pair could aim for the three-year-old ascending support line, at 13,600.

If at all bearish histogram of MACD drags the quote well below 13,600, May 2017 high near 13,490 will be in the spotlight.

Alternatively, bulls will refrain from entry unless breaking a 14-month long descending trend line, at 14,250 now.

However, a sustained break of 14,250 will propel prices to yearly top nearing 14,720.

USD/IDR monthly chart

Trend: Bearish

Additional important levels

Overview
Today last price	13883
Today Daily Change	-34.5000
Today Daily Change %	-0.25%
Today daily open	13917.5

Trends
Daily SMA20	13981.1711
Daily SMA50	14031.7154
Daily SMA100	14093.8172
Daily SMA200	14146.1941

Levels
Previous Daily High	13957.8
Previous Daily Low	13877
Previous Weekly High	14020.7355
Previous Weekly Low	13676.9335
Previous Monthly High	14296.292
Previous Monthly Low	13896.3
Daily Fibonacci 38.2%	13907.8656
Daily Fibonacci 61.8%	13926.9344
Daily Pivot Point S1	13877.0667
Daily Pivot Point S2	13836.6333
Daily Pivot Point S3	13796.2667
Daily Pivot Point R1	13957.8667
Daily Pivot Point R2	13998.2333
Daily Pivot Point R3	14038.6667

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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