USD/IDR technical analysis: Buyers keep lurking around 50-DMA
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USD/IDR technical analysis: Buyers keep lurking around 50-DMA

  • Despite lagging to cross 61.8% Fibonacci retracement, USD/IDR stays above 50-DMA.
  • 14,365 and 38.2% Fibonacci retracement level offer additional levels to watch.
  • MACD keeps signaling traders’ bearish bias.

The USD/IDR pair’s another bounce off 50-day simple moving average (DMA) presently struggles around 50% Fibonacci retracement of its May-June declines while flashing 14,210 on the chart during the Asian session on Tuesday.

With the bearish signals from 12-bar moving average convergence and divergence (MACD), sellers will be on the lookout of breaking 50-DMA level of 14,145 to aim for 38.2% Fibonacci retracement level of 14,094 and multiple supports around 14,080/75.

In a case prices decline below 14,075, 14,000 and July 19 low near 13,884 will gain bears’ attention.

On the upside, 61.8% Fibonacci retracement level of 14,310 and August 13 high near 14,365 may entertain buyers while June 17 top around 14,420 and August 06 peak of 14,584 can please them afterward.

USD/IDR daily chart

Trend: sideways


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