USD/IDR Price Analysis: Positive above key SMAs, short-term rising trendline
- USD/IDR remains on the front foot despite the latest pullback from the multi-month high.
- 100/200-day SMAs, a five-week-old rising trend line restrict near-term declines.
- A sustained break of August 2019 top will lead the pair further towards the north.
USD/IDR takes the bids to 14,218, +1.08%, during the early Tuesday’s trading session. In doing so, the pair defies its pullback from the highest since April 2019 while staying above 100-day and 200-day SMA levels.
The quote is currently aiming October 2019 top near 14,280 while multiple highs marked during late-August 2019, around 14,350/55, can question the bulls afterward.
In a case where the bulls remain dominant past-14,355, May 2019 peak surrounding 14,660 holds the key to the further upside towards April high near 14,770.
On the contrary, an ascending trend line from January 28, around 13,865, will also limit the pair’s decline below 100-day and 200-day SMA levels, respectively near 14,055 and 13,925.
It should also be noted that 13,600 can offer strong downside support below 13,865.
USD/IDR daily chart