- USD/IDR faced rejection at the 21-day moving average (MA) hurdle.
- The pair is trapped in a bearish channel.
USD/IDR is currently trading largely unchanged on the day near 14,000, having hit a high of 14,056 earlier today.
The pullback marked a failure to keep gains above the 21-day moving average (MA) of 14,044.
Also, the outlook will remain bearish even if the pair finds acceptance above the 21-day MA.
This is due to the fact that the pair is trapped in a falling channel and its upper end is currently located at 14,107, i.e. well above the 21-day MA.
A daily closes above the upper edge of the falling channel is needed to confirm a bearish-to-bullish trend change.
Daily chart
Trend: Bearish
Pivot levels
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