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Rallies Past IDR14,000 After RSI Moves Above 30

IDR

Thursday's demand for the greenback allowed USD/IDR to retake the IDR14,000 mark in early trade today and the rate still rests upon that round figure, operating +90 pips on the day.

  • Danareksa Research Institute released its consumer gauge yesterday afternoon. Headline index improved to 82.7 from 78.0.
  • Should the rate manage to close this week's opening gap by punching through Dec 30, 2020 low of IDR14,050, bulls would be able to target the 50-DMA at IDR14,188. On the flip side, losses past Jan 4 low of IDR13,865 would support the bearish case. For now, however, there seems to be a potential for further appreciation after RSI crossed above the 30 level.
  • Indonesian Finance Ministry holds a media discussion on asset auctions today with Director-General of State Assets.
  • Indonesia will publish trade data for the month of Dec next Friday.

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