7864057 9/11/2017 5:14 PM, USD/IDR ST: the RSI is oversold


Our pivot point stands at 13340.


Our preference

: the downside prevails as long as 13340 is resistance.


Alternative scenario

: the upside breakout of 13340, would call for 13533 and 13647.


Comment

: the RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the pair is trading under both its 20 and 50 MAs (respectively at 13327 and 13335). Finally, the USD/IDR has penetrated its lower Bollinger band (13215).


Supports and resistances

:

13647 **

13533 *

13340 **

13264

13156 last

12897

12783 **

12669 *

12555 **