Home USD/IDR technical analysis: 3-week-old support-line restricts declines below 200-bar SMA
FXStreet News

USD/IDR technical analysis: 3-week-old support-line restricts declines below 200-bar SMA

  • USD/IDR trades below 200-bar SMA for the first-time since July-end.
  • Near-term falling trend-line, weak RSI conditions limit pair’s downside.

USD/IDR fails to extend downside momentum below the 200-bar simple moving average (SMA) as immediate support-line questions sellers as the pair takes the rounds to 14,120 during Friday’s Asian session.

Not only a downward-sloping trend-line since August 13 but weak conditions of 14-bar relative strength index (RSI) raise bars for the pair’s declines under 14,065.

In a case prices slip below 14,065, 14,000 and July 25 low near 14,940 can act as buffers during the quote’s drop to July month low near 13,880.

Meanwhile, pair’s upside past-200-bar SMA level of 14,192 won’t be a sure bullish signal as a declining trend-line since early last-week and 50% Fibonacci retracement of late-July to early-August rise, close to 14,230, will stop buyers.

Should there be further upside beyond 14,230, multiple resistances around 14,350/60 and 23.6% Fibonacci retracement of 14,420 could hinder the path towards August top surrounding 14,582.

USD/IDR 4-hour chart

Trend: sideways

 

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.