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Jokowi Sticks To Limited Restrictions Despite Record Surge In New Covid-19 Cases

IDR

Spot USD/IDR pulled back from a new two-month high yesterday after failing to take out resistance from May 3 high of IDR14,475. The rate last changes hands +8 figs at IDR14,440, with bulls setting their sights on Apr 28 high of IDR14,518, situated ahead of Apr 23 high of IDR14,550. Meanwhile, should the rate descend past its 50-DMA at IDR14,382, bears could take aim at the 200-DMA at IDR14,355.

  • USD/IDR 1-month NDF last sits +22 figs at IDR14,506. Jun 21 high of IDR14,578 is eyed for initial resistance and a break here would clear the way to Apr 21 high of IDR14,615. On the flip side, a fall through Jun 18 low of IDR14,438 would allow bears to target the 50-DMA, which kicks in at IDR14,406.
  • Pres Widodo decided to stick to the plan of implementing partial restrictions, shrugging off calls for stricter measures, even as Indonesia declared a record increase in new Covid-19 cases on Wednesday.
  • Bogor University of Agriculture hosts an international palm oil forum today.
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