USD/IDR technical analysis: 19-week old support-line questions the drop beneath 100-day SMA

• Failure to slip beneath more than 4-month old ascending trend-line can trigger the USD/IDR pair’s pullback.
• 100-day SMA continues to act as a near-term strong upside resistance.

USD/IDR’s slip beneath 100-day simple moving average (100-day SMA) fails to clear an upward sloping trend-line from early February as the quote seesaws near 14,110 during early Friday.

Not only more than four-month-old support-line but weak conditions of the 14-day relative strength index (RSI) also question the pair’s latest declines.

As a result, chances of its pullback to June 03 low of 14,157 seem brighter. However, the 100-day SMA level of 14,204 could restrict the pair’s further upside.

Should the recovery stretches beyond 14,204, 14,275 and 14,330 can act as an intermediate halt to the pair’s rally towards 200-day SMA level of 14,427.

On the downside, pair’s sustained break of 14,086 can take a stop near 14,000 round-figure before visiting April month low near 13,974.

Additionally, 13,942 and the February month low of 13,858 can entertain sellers afterward.

USD/IDR daily chart

Trend: Pullback expected