USD/IDR technical analysis: Grinds lower amid bearish technical indicators

USD/IDR seesaws inside the three-week-old falling channel.
MACD, RSI flash bearish signals as the price slips beneath 50% Fibonacci retracement.

Anil Panchal FXStreet

Having slipped below 50% Fibonacci retracement of July-August upside, USD/IDR declines to 14,200 on Friday’s Asian session.

The pair now aims for 61.8% Fibonacci retracement level of 14,151 whereas channel’s support-line at 14,100 will question pair’s further declines.

If prices slip below 14,100, sellers can recall 14,000 and July low near 13,880 on the chart.

Alternatively, 38.2% Fibonacci retracement level of 14,320 and channel’s resistance-line of 14,345 can keep exerting downside pressure on the USD/IDR pair, a break of which will propel it towards August 06 high near 14,450 and then to the monthly top surrounding 14,580.

Adding to note, 12-bar moving average convergence and divergence (MACD) and 14-bar relative strength index (RSI) portrays bearish signals on the chart.

USD/IDR 4-hour chart

Trend: bearish

additional important levels

Overview
Today last price	14204.75
Today Daily Change	4.0000
Today Daily Change %	0.03%
Today daily open	14200.75

Trends
Daily SMA20	14250.535
Daily SMA50	14140.853
Daily SMA100	14205.9475
Daily SMA200	14223.2632

Levels
Previous Daily High	14315.3
Previous Daily Low	14185.75
Previous Weekly High	14341.3
Previous Weekly Low	14115.95
Previous Monthly High	14240
Previous Monthly Low	13884
Daily Fibonacci 38.2%	14235.2381
Daily Fibonacci 61.8%	14265.8119
Daily Pivot Point S1	14152.5667
Daily Pivot Point S2	14104.3833
Daily Pivot Point S3	14023.0167
Daily Pivot Point R1	14282.1167
Daily Pivot Point R2	14363.4833
Daily Pivot Point R3	14411.6667

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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