USD/IDR Price News: Indonesian rupiah sellers attack weekly resistance ahead of BI rate decision

• USD/IDR benefits from an upside break to monthly falling trend line.
• 200-bar SMA lures the bulls amid upbeat MACD, sellers have multiple reasons to refrain from entries.

USD/IDR refreshes intraday top to 14,218, currently up 0.80% around 14,208, while heading into Thursday’s European session. In doing so, the pair extends the upside break of a descending trend line from October 30 towards confronting a short-term resistance line from November 09 amid bullish MACD.

Read: Indonesia: BI to remain on hold this week – UOB

Not only the mixed technical signals but the pair traders’ cautious mood ahead of the Bank Indonesia’s (BI) rate decision, expected to keep the 4.0% mark, also challenge the recent moves.

As a result, a clear break above 14,215 becomes necessary, backed by downbeat comments from the BI, to favor the USD/IDR buyers targeting a 200-bar SMA level of 14,526.

Alternatively, a surprise rate move can fetch the quote back to the previous resistance line, now support, around 14,025, before highlighting the 14,000 threshold for the USD/IDR bears.

In a case where the pair remains depressed below the 14,000 round-figures, the monthly low near 13,725 will regain the market’s attention.

USD/IDR four-hour chart

Trend: Further upside expected