- The USD / IDR remains slightly offered above 100 EMA days.
- RSI condition oversold, repeated failures to break the EMA key suggest withdrawal.
- 50% Fibonacci retracement, the 50-day EMA protects the rise in the short term.
- 61.8% Fibonacci retracement, the monthly helpline may appeal to sellers during further decreases.
The USD / IDR posted slight losses of 0.05% while advancing to 14 895 during the pre-European session on Wednesday. The pair hung on to 100 days of EMA under RSI oversold conditions.
As a result, the chances of its withdrawal increase to 50% Fibonacci the retracement of the increase from January to March, at 15 105, cannot be excluded. However, a 50 day EMA of almost 15,200 will challenge buyers thereafter.
On the downside, a 61.8% Fibonacci retracement level of 14,740 may appeal to sellers during further declines while the peak in early March near 14,420 could return to the chart thereafter.
It should also be noted that the further weakness of the pair beyond 14,420 could rebound on the downtrend line from April 10, around 14,230.
USD / IDR daily chart
Trend: expected decline