On Thursday, during the pre-European session, the USD/IDR pair receded to from the intraday peak to 14,857.
The currency pair is currently trading at the month’s high. However, as per the simple moving average (SMA) of 100-day, it may pull the chain of its growth following the overbought conditions of relative strength index (RSI).
Hence, the quote may see a Fibonacci retracement of 23.6 % (April-June downside) by hitting at 14,746. Meanwhile, the junction of an ascending trend line would limit the further fall the pair to 14,470 (50 day SMA from June).
The quote may go bearish if it slides below the threshold of 14,260 (bottom of July).