Indonesian Rupiah: Two-way trade with key levels watched against US Dollar – OCBC
OCBC’s Sim Moh Siong and Christopher Wong note that USD/IDR has rebounded after a near 2% month-to-date pullback, with external factors such as elevated Oil prices and US rates remaining key drivers.
The Indonesian Rupiah (IDR) has rebounded against the US Dollar (USD) after a near 2% decline over the past month, according to OCBC's Sim Moh Siong and Christopher Wong. External factors, such as high oil prices and US interest rates, continue to be significant drivers of the currency pair. Central Bank of Indonesia (BI) policy continuity and its focus on maintaining IDR stability are seen as supportive for investor confidence and reducing volatility.
Near term, the analysts remain slightly cautious, with oil prices, US rates, and the broader USD direction expected to remain the primary factors influencing the IDR. The pair last traded at 17,875 levels, with a mild bearish momentum still present on the daily chart, though the Relative Strength Index (RSI) has risen. Currently, there are indications of two-way trades.
Resistance levels are identified at 17,950 and 18,100, while support levels are noted at 17,800 and 17,600.
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