Indonesian Rupiah: Two-way risks around support levels – OCBC
OCBC’s Christopher Wong notes that USD/IDR has pulled back as a softer Dollar and lower UST yields support the Indonesian Rupiah. He highlights Bank Indonesia Governor Destry Damayanti’s emphasis on a stability-first approach, prioritizing Rupiah and macro stability while still supporting growth.
Indonesian Rupiah (IDR) faces potential risks at its support levels, according to OCBC's Christopher Wong. The Rupiah benefits from a weaker Dollar, lower UST yields, and BI Governor Destry Damayanti's emphasis on stability and macro stability. However, constraints include elevated oil prices and high global yields. Near-term support is seen at 17620 (38.2% fibo retracement), with a potential next support at 17444 (50% fibo) if broken.
Resistance levels include 17710 (100 DMA) and 17800 (21 DMA). USD/IDR closed at 17660, with flat daily momentum and a falling RSI. USD/JPY retests the August monthly low, while AUD/USD holds steady above 0.7200. Gold (XAU/USD) fell sharply after a strong NFP report, and the Japanese Yen surged after falling below 160.00 against the USD. US diesel crack spread surged above $100 per barrel for the first time.
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