USD/IDR technical analysis: Rejected at 21-day MA, stuck in falling channel

• USD/IDR faced rejection at the 21-day moving average (MA) hurdle. 
• The pair is trapped in a bearish channel. 

USD/IDR is currently trading largely unchanged on the day near 14,000, having hit a high of 14,056 earlier today. 

The pullback marked a failure to keep gains above the 21-day moving average (MA) of 14,044. 

Also, the outlook will remain bearish even if the pair finds acceptance above the 21-day MA. 

This is due to the fact that the pair is trapped in a falling channel and its upper end is currently located at 14,107, i.e. well above the 21-day MA. 

A daily closes above the upper edge of the falling channel is needed to confirm a bearish-to-bullish trend change. 

Daily chart

Trend: Bearish

Pivot levels