USD/IDR Attempts Reversing 2018 Uptrend. SGD, PHP Eye Resistance

ASEAN Technical Outlook – USD/PHP, USD/SGD, USD/IDR, USD/MYR

  • USD/IDR attempting a break under the 2018 rising trend line, dominant uptrend at risk
  • USD/SGD and USD/PHP are aiming higher but face critical areas of resistance ahead
  • USD/MYR upside push struggled and a new resistance range formed, now consolidating

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USD/IDR Technical Analysis – Dominant Uptrend At Risk

The Indonesian Rupiah has spent most of this year so far depreciating against the US Dollar, that may be on the verge of changing. Looking at the USD/IDR daily chart below, the pair has broken through the rising trend line from January. Granted, the Rupiah has been struggling in maintaining its progress and positive RSI divergence warns that downside momentum is ebbing which may precede a turn higher.

With that in mind, perhaps a close under 14,396 may confirm a lasting descent to come. This price has acted as resistance and support from June to August. Falling through it exposes 14,215 afterwards. Should USD/IDR struggle

Article source: https://www.dailyfx.com/forex/technical/article/special_report/2018/11/28/USDIDR-Attempts-Reversing-2018-Uptrend-SGD-PHP-Eye-Resistance.html