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USD/IDR Price Analysis: Indonesian Rupiah drops 1%

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  • USD/IDR sees oversold bounce but remains below the multi-month falling trendline. 
  • A breakout above the trendline hurdle would confirm a bullish reversal. 

The Indonesian Rupiah is currently trading at 14,155 per US dollar, representing a 1% decline on the day. The currency hit a low of 14,244 per US dollar a few minutes before press time. 

The uptick in the USD/IDR pair could be associated with the oversold reading on the 14-day relative strength index. The MACD histogram, too, is about to cross above zero. That would confirm a bullish reversal. 

However, a more credible signal of a trend reversal would be the pair's breach of the trendline falling from April 3 and June 2 highs. Currently, that trendline resistance is located at 14,250. A daily close above that level would expose the resistance at 14,732 (June 1 high). 

The bears, however, could make a strong comeback if the descending trendline proves a tough nut to crack. On the downside, key support is seen at 13,952 (June 8 low), which, if breached, would expose support at 13,620 (Feb. 6 low). 

Daily chart

USD/IDR Price Analysis: Indonesian Rupiah drops 1%

Trend: Oversold bounce

Technical levels

    1. R3 14169.6667
    2. R2 14137.3333
    3. R1 14114.6667
  1. PP 14082.3333
    1. S1 14059.6667
    2. S2 14027.3333
    3. S3 14004.6667

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