Indonesian rupiah technical outlook – slightly bullish
The US dollar continued its winning streak against the Indonesian rupiah as well, with USD/IDR up 1.84% this month so far. That is the best performance since September 2020. However, the uptrend somewhat slowed last week as prices were unable to clear the 100% Fibonacci extension at 14870. Also, negative RSI divergence seems to be taking foot, hinting that momentum is weakening. The latter can at times be a preliminary reversal signal. As such, traders ought to proceed with caution if there is some downside price action in the days ahead. Otherwise, the outlook is slightly bullish, with key resistance as September 2020 highs (14915 – 14975).