USD/IDR technical analysis: Pulls back from 9-month old resistance-line, 50% Fibo.

• Medium-term trend-line, 50% Fibonacci retracement limit USD/IDR upside.
• Overbought RSI favors a pullback to 200-DMA.

USD/IDR fails to hold its run-up to ten-week high as it retraces from near-term key resistances while trading near 14,362 during the early Asian session on Tuesday.

Despite the recent pullback, prices remain strong unless trading beyond 200-day moving average (200-DMA) level of 14,267, a break of which can fetch prices to 23.6% Fibonacci retracement of a downpour since October 2018, at 14,140, and then to 14,000 round-figure.

It should also be noted that July month low near 13,884 and February bottom close to 13,858 can please sellers past-14,000.

Alternatively, a downward sloping trend-line since mid-November 2018 and 50% Fibonacci retracement restrict the pair’s near-term upside around 14,583/590.

If bulls’ ignore overbought levels of 14-bar relative strength index (RSI) and dominate past-14,590, 61.8% Fibonacci retracement level of 14,781 and November 13 high surrounding 14,935 hold the keys to rise towards 15,000 mark.

USD/IDR daily chart

Trend: Pullback expected