- USD / IDR is recovering from a two-week low amid oversold RSI.
- Trading sustained below SMA at 50 days, the monthly resistance line keeps hopes.
- The 100-day SMA adds to support below the month’s low.
The USD / IDR rebounds from a two-week low at 14,863 before the European session on Monday. Despite this, the short-term downtrend line, as well as sustained trading below the 50-day SMA and the monthly resistance line, keep sellers hopeful.
However, the oversold conditions of the RSI favor the pair’s withdrawal movements, which in turn push buyers to new entries to break the immediate resistance line of 14,885.
However, a 61.8% confluence of the March Fibonacci retracement on the upside and a downward trend line from April 13, around 15 070/75, could keep the pair’s new recoveries under control.
If the USD / IDR prices increase beyond 15,075, a 50% retracement of Fibonacci and a 50-day SMA, respectively around 15,370 and 15,500, will attract the bulls.
On the contrary, the pair’s further decline could rest on the monthly low of 14,678, as well as on the 100-day SMA level of 14,648, before heading to the peak in early March near 14,420.
USD / IDR daily chart
Trend: expected decline