- USD/IDR struggles near multi-day low amid oversold RSI.
- Indonesia’s May month inflation data fails to offer any major insights to the traders.
- A confluence of 100-day SMA, 61.8% Fibonacci retracement guards immediate upside.
USD/IDR struggles to break the inactivity while taking rounds to 14,610 during the pre-European session on Tuesday. The pair dropped below a confluence 100-day SMA and 61.8% Fibonacci retracement of January-March upside on Friday. However, oversold RSI conditions seem to restrict further downside of the quote.
Indonesia’s May month Inflation grew beyond 2.15% forecast to 2.19% YoY whereas monthly figures also rose past-0.04% expected mark to 0.07%.
As a result, the bears are waiting for a fresh leg down below 14,600 round-figure to aim for early-March tops near 14,420.
On the contrary, a daily closing beyond the said resistance confluence around 14,730/35 could trend fresh recoveries towards 14,800.
However, bulls are less likely to shed their scepticism unless witnessing a daily closing past-15,180 comprising May month high.
USD/IDR daily chart
Trend: Bearish
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