USD/IDR Technical Analysis: 21-day SMA caps upside on Indonesian election-day

USD/IDR trades near 14,080 while heading into the European open on Wednesday, the day of Indonesian general election.

While 21-day simple moving average (SMA) seems to restrict the quote’s near-term upside around 14,170, a downward sloping trend-line since late- December is acting as a strong resistance for the buyers to confront near 14,250.

Should prices manage to clear 14,250 upside barrier on a daily closing basis, 14,350 and the March month high near 14,420 could be next on the bull’s radar.

On the downside, March month low surrounding 23.6% Fibonacci retracement of December to February downpour, near 14,050, can provide strong support, a break of which can please sellers with 14,000 and late-February lows around 13,940.

Given the bears’ refrain from respecting 13,940 rest-point, February month lows near 13,860 could become their favorite.

USD/IDR daily chart

Trend: Sideways