USD/IDR may fall 29 - 43 pips

Our pivot point is at 16049.

Our preference

The downside prevails as long as 16049 is resistance.

Alternative scenario

The upside breakout of 16049, would call for 16073 and 16087.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 16098 and 16135).

Supports and resistances

16087 **

16073 *

16049 **

16039

16030 last

16001

15987 **

15973 *

15958 **

Number of asterisks represents the strength of support and resistance levels.