Home USD/IDR Price News: Indonesian rupiah bears await trade data to cheer break of 50-day SMA
FXStreet News

USD/IDR Price News: Indonesian rupiah bears await trade data to cheer break of 50-day SMA

  • USD/IDR stays near the highest levels in seven weeks ahead of the key Indonesian trade numbers.
  • Forecasts suggest decline in headline Trade Balance from $2.09B to $1.11B, Exports and Imports are likely to recover.
  • Monthly ascending trend channel could restrict the pair’s run-up beyond the key EMA.

USD/IDR prints 0.28% intraday gains while trading around 14,605 amid the early Wednesday. The pair portrays a third positive day following its upside break of 50-day EMA on Tuesday. Even so, traders are waiting for June month Indonesian trade numbers to predict near-term moves inside an upward sloping trend channel established since June 10.

Should the Indonesian economics continues to linger, the pair might attack 14,750/70 resistance confluence comprising 23.6% Fibonacci retracement of April-June fall and the upper line of the said channel.

In a case where the bulls manage to cross 14,770 barriers, they can aim for 15,000 thresholds before confronting late-May top near 15,020.

Alternatively, upbeat data could drag the pair back to a 50-day SMA level of 14,480. Though, the further downside will be challenged by the channel’s support of 14,335.

It should be noted that any downside past-14,335 will not only be detrimental for 14,000 mark but can also challenge June month’s low near 13,850.

USD/IDR daily chart

Trend: Pullback expected

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.