7862441 9/11/2017 12:02 PM, USD/IDR ST: the RSI is oversold


Our pivot point is at 13342.


Our preference

: the downside prevails as long as 13342 is resistance.


Alternative scenario

: the upside breakout of 13342, would call for 13537 and 13653.


Comment

: the RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the pair stands below its 20 and 50 MAs (respectively at 13328 and 13335). Finally, the USD/IDR has penetrated its lower Bollinger band (13219).


Supports and resistances

:

13653 **

13537 *

13342 **

13265

13165 last

12895

12779 **

12664 *

12548 **