USD/IDR technical analysis: On its way to 23.6% Fibo. unless breaking support-turned-resistance

• USD/IDR refrains from extending latest pullback, stays below three-month-old rising trend-line.
• 23.6% of Fibonacci retracement gains sellers’ attention.

USD/IDR remains on the back foot while taking rounds to 14,044 during the Asian session on Wednesday.

Having breached a rising trend-line since mid-June, prices fail to the same resistance, which in turn increases the odds of the pair’s further declines towards 23.6% Fibonacci retracement level of December 2018 to June 2019 south-run, close to 13,980.

In a case where the quote remains weak past-13,980, July month low surrounding 13,880 could offer an intermediate halt to the downward trajectory towards the yearly bottom near 13,750.

Meanwhile, pair’s ability to cross the support-turned-resistance line of 14,100 can propel it towards 21-day exponential moving average (EMA) level of 14,150 whereas 50% Fibonacci retracement level adjacent to 14,240 could satiate buyers afterward.

USD/IDR daily chart

Trend: bearish