USD/IDR Price Analysis: At seven-week top, probes six-month-old resistance trendline

• USD/IDR rises to a seven-week high after successfully breaking 50-day SMA.
• 200-day SMA becomes the key upside barrier while multiple lows near 13,590/85 can challenge the bears.

USD/IDR stays 0.45% positive around 13,890 following its run-up to the intra-day high of 13,915.50 amid the early trading session on Monday.

The pair crossed 50-day SMA for the first time since late-November 2019 during the last week and carries the upside momentum by the press time.

Even so, a downward sloping trend line from August 2019 high seems to question the buyers at the moment, which if broken successfully can propel the quote towards a 200-day SMA level of 14,067.

However, 14,000 round-figure and January month high near 14,023 can offer intermediate halts during the run-up.

If at all USD/IDR prices fail to provide a daily closing beyond 13, 910, sellers will aim for a 50-day SMA level of 13,780 whereas multiple lows marked from the month’s start near 13,585/90 can challenge the bears afterward.

USD/IDR daily chart

Trend: Bullish