USD/IDR Price News: Indonesian rupiah snaps three-day winning streak to regain 14,400

• USD/IDR extends recovery moves from 14,351 amid bullish MACD.
• A gradual run-up since the early-June, sustained trading beyond 21-day SMA favor the buyers to cross 50-day SMA.
• Sellers will have a one-month-old support line as an additional downside hurdle to clear.

USD/IDR rises to 14,433 during the early Thursday’s trading. In doing so, the quote defies the previous three days’ losses while taking a U-turn from 21-day SMA. Though, 50-day SMA restricts the pair’s immediate pullback.

Other than the pair’s successful moves above 21-day SMA, its one-month upward trajectory also suggests an easy break of 14, 535 resistance comprising 50-day SMA. As a result, the current month’s high near 14,620 could gain market attention.

It should, however, be noted that the bulls will remain skeptical unless USD/IDR prices cross the late-May top near 15,020. Following that, the May month peak of 15,470 could lure the buyers.

Meanwhile, an ascending trend line from June 09, at 14,263 now, will follow the 21-day SMA level around 14,320, to challenge the short-term bears.

Also offering strong support during the pair’s fresh downside will be 14,000 threshold and the June month’s low of 13,853.

USD/IDR daily chart

Trend: Further recovery expected