Technical analysis of #USD/IDR For Aug 20, 2018

On the daily chart of this currency pair, we can see clearly that the USD$ is still trading with the

bullish bias. The US currency has found support from Turkey's crisis. As for the Indonesian national currency, the country has already entered the Presidential Cycles. In this context, the Indonesian Rupiah is likely to get weaker against the USD$. We can see how long the support level will act as the barrier for the Indonesian Rupiah to get back strength again. Please take notice of such levels as such 14.303 and 14.133. In my opinion, at least 3-6 months are needed after the presidential election is over for the Indonesian Rupiah to recover again, provided no other external/internal factor influences this currency. At present, the USD/IDR pair will re-test the resistance become support (RBS) zone at 14.515 - 14.561 before the price weakens again. As long as 14.303 cannot be breached, usually 60% of the time the USD will extend its strength at least to test the 14.784 level. The overall bias of USD/IDR is still following the bullish trajectory (Rupiah Weaken). (Disclaimer)The material has been provided by InstaForex Company - www.instaforex.com