USD/IDR Price News: Indonesian rupiah rests on 100-day EMA amid oversold RSI

• USD/IDR stays mildly offered above 100-day EMA.
• Oversold RSI condition, repeated failures to break key EMA suggest pullback.
• 50% Fibonacci retracement, 50-day EMA guards short-term upside.
• 61.8% Fibonacci retracement, monthly support line can please sellers during further declines.

USD/IDR prints mild losses of 0.05% while taking rounds to 14,895 during the pre-Europe session on Wednesday. The pair has been clinging to 100-day EMA amid oversold RSI conditions.

As a result, chances of its pullback moves to 50% Fibonacci retracement of January-March upside, at 15,105, can’t be ruled out. However, 50-day EMA near 15,200 will challenge the buyers afterward.

On the downside, 61.8% Fibonacci retracement level of 14,740 can please sellers during the further declines whereas early-March high near 14,420 may return to the chart then after.

It should also be noted that the pair’s additional weakness past-14,420 may bounce from the falling trend line from April 10, near 14,230.

USD/IDR daily chart

Trend: Pullback expected