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IDR: Testing Key Resistance

MYR

MYR/IDR has staged a decent rally, adding 26 figs so far, even as Bank Indonesia stepped in to defend the rupiah. The rate is testing a key near-term resistance provided by Jan 4 high of IDR3,512 as we type.

  • The rate managed to build a base on the 100-DMA after breaching the level earlier this month. This moving average capped gains when the rate printed its YtD high on Jan 4.
  • A break above IDR3,512 would represent a significant bullish development, clearing the way to the 61.8% recovery of the Sep 14 - Nov 10 sell-off at IDR3,525, followed by Nov 2 high of IDR3,538.
  • Bears look for a pullback under the 200-DMA at IDR3,462, after the rate failed to attack the level this morning.

Fig 1.: MYR/IDR

Source: MNI - Market News/Bloomberg

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