Mind The Technicals

Spot USD/IDR is happy to hug a tight range this morning, with little in the way of notable local headlines crossing the wires. Technical drivers remain in focus, after rate failed to consolidate above the neckline of a head & shoulders pattern, despite recently forming a golden cross.

• With the pair last sitting -5 figs at IDR14,445, bears look for a dip through Apr 29/30 lows of IDR14,430/14,429, before targeting Mar 29 low of IDR14,410. Bulls need a firm push through the aforementioned neckline at IDR14,470 before taking aim at Apr 23 high of IDR14,550.
• FinMin Indrawati speaks in the gov't's 2021 National Development Planning meeting at 11:20 local time, before attending Asian Development Bank's annual meeting at 17:30.
• Indonesia's Q1 GDP, due tomorrow, headlines the local docket this week. Foreign reserves hit the wires on Friday, while there is no fixed time for the release of Danareksa Consumer Confidence.