USD/IDR Technical Analysis: Fades spike above key resistance

• USD/IDR jumped to 14,457 earlier today, the highest level since Jan. 3. 
• The move to four-month highs, however, was short-lived. 

USD/IDR found acceptance above 14,300 on Tuesday, strengthening the bullish case put forward by the falling channel breakout confirmed on May 2.

So far, however, the follow-through has been disappointing. The pair jumped to a high of 14,457 earlier today only to fall back to 14,320. Essentially, the break above the March 8 high of 14,416 was short-lived.

That said, the falling channel breakout is still valid and the 5- and 10-day moving averages (MAs) are trending north. The 14-day RSI is also biased bullish above 50.00. As a result, the short-term outlook remains bullish.

Daily chart

Trend: Bearish