- Indonesia’s Rupiah (IDR) is flashing moderate losses on Thursday.
- USD/IDR’s daily chart remains biased bearish with the spot hovering well under Wednesday’s high.
- The pair could slide toward 15,500 in the short-term.
Indonesia’s Rupiah is trading near 16,200 per US dollar at press time, representing a moderate loss on the day.
However, the path of least resistance for the IDR remains to the higher side, as the USD/IDR is still trading well within the bearish pin bar-like candle pattern created on USD/IDR’s daily chart on Wednesday. To put it another way, the bearish candlestick pattern is still valid.
The daily chart is also reporting a bearish divergence of the relative strength index and a bearish crossover of the 5- and 10-day averages.
The IDR, therefore, is likely to continue gaining altitude in the short-term and push the USD/IDR spot down toward 15,440 (March 27 low).
The bearish case would be invalidated if the spot prints a daily close above 16,697 (Wednesday’s high). That looks unlikely, as the daily chart indicators have rolled over in favor of the bears, as noted earlier.
Daily chart
Trend: Bearish
Technical levels