USD/IDR Price Analysis: Probing channel support at 13,680
- USD/IDR's daily chart shows the pair is trapped in a minor ascending channel.
- The breakdown would imply a resumption of the broader downtrend.
USD/IDR has created a minor ascending channel on the daily chart over the last 2.5-weeks. The pair is currently flirting with the lower edge of the channel at 13,680.
Acceptance below that level would imply a continuation of the downtrend that has been in place ever since the pair topped out at 14,350 in August 2019.
The channel breakdown would open the doors to 13,497 (February 2018 low). On the flip side, a close above 13,785 (Jan. 31 high) is needed to confirm a short-term bullish reversal.
A breakdown looks likely as the 11-day relative strength index is already reporting bearish conditions with a below-50 print.