USD/IDR technical analysis: 14080/78, 23.6% Fibo. guards near-term declines

• USD/IDR buyers can’t take over unless breaking 21/100-day SMA confluence.
• Immediate lows, 23.6% Fibo. may challenge bears.

Sustained trading beneath 21 and 100-day simple moving average (SMA) confluence keeps dragging the USD/IDR downwards as it trades near 14,108 during early Tuesday.

However, horizontal support comprising latest lows can limit the pair’s further declines around 14,080/78, if not then 23.6% Fibonacci retracement of current year downpour, at 13,978, can flash on bears’ radar.

Given the pair’s extended south-run below 13,978,  February month low near 13,860/59 can come back on the chart.

On the contrary, pair’s successful break of 14,205/13 area including key SMA can propel the quote further up towards five-week-old descending trend-line resistance of 14,309.

In a case where prices rally beyond 14,309, the 200-day SMA level of 14,401 should gain market attention.

USD/IDR daily chart

Trend: Bearish