USD/IDR Price News: Indonesian rupiah rises to eight-week high, focus on monthly support line

• USD/IDR extends Friday’s losses below 15,000.
• 10-day SMA restricts immediate upside.
• 100-day SMA, early-March top on the sellers’ radar.

USD/IDR drops to 14,920, down 0.58% on a day, during the early Monday. That said, the pair extends Friday’s losses while staying below 10-day SMA.

As a result, a downward sloping trend line from April 13, currently around 14,845/40, seems to lure the short-term sellers.

However, 100-day SMA near 14,645 could seem to restrict the pair’s further downside below 14,840, if not then the early-March top near 14,400 could return to the charts.

On the upside, a clear break of 10-day SMA, at 15,155 now, keeps the buyers away, a break of which can aim for April 17 low near 15,500.

It should also be noted that the pair’s sustained run-up beyond 15,500 enables it to fil the early-April month gap between 16,240 and 15,800.

USD/IDR daily chart

Trend: Bearish