USD/IDR may rise to 16666 - 16802

Our pivot point is at 16190.

Our preference

The upside prevails as long as 16190 is support.

Alternative scenario

The downside breakout of 16190 would call for 15963 and 15827.

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 above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 16211 and 16131).

Supports and resistances

17073 **

16938 *

16802 **

16666

16395 last

16280

16190 **

15963 *

15827 **

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