USD/IDR may rise 54 - 82 pips

Our pivot point stands at 15518.

Our preference

The upside prevails as long as 15518 is support.

Alternative scenario

Below 15518, expect 15472 and 15445.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 15499 and 15489). Finally, the USD/IDR is trading above its upper Bollinger band (standing at 15549).

Supports and resistances

15695 **

15668 *

15641 **

15613

15559 last

15536

15518 **

15472 *

15445 **

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