- USD/IDR remains on the back foot below 50% Fibonacci retracement.
- 61.8% Fibonacci retracement, 100-day SMA n the sellers’ radar.
- 21-day SMA adds upside barriers beyond the monthly resistance line.
Having failed to cross the monthly resistance line, USD/IDR remains depressed near 15,045 while heading into the European session on Thursday.
That said, the pair again dips towards 61.8% Fibonacci retracement of January-March upside, near 14,735/40.
Though, 100-day SMA could take help from RSI conditions to register a bounce from 14,580 during the further downside.
Alternatively, pair’s successful break above a confluence of monthly resistance line and 50% Fibonacci retracement, around 15,100, can trigger the pair’s recoveries towards 21-day SMA, at 15,465 now.
USD/IDR daily chart
Trend: Bearish
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