USD/IDR may fall to 14914 - 15081

Our pivot point is at 15808.

Our preference

The downside prevails as long as 15808 is resistance.

Alternative scenario

Above 15808, look for 16091 and 16260.

Comment

The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 16000 and 16175). Finally, the USD/IDR is trading below its lower Bollinger band (standing at 15445).

Supports and resistances

16260 **

16091 *

15808 **

15697

15430 last

15081

14914 **

14748 *

14581 **

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