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Rupiah Outplays Emerging Asia Peers

IDR

Spot USD/IDR has been in retreat this morning, shedding 80 figs so far to last trade at IDR14,688, as the rupiah became the best performer in emerging Asia both today and on a weekly basis. The rate is narrowing in on its 100-DMA, which intersects at IDR14,651, providing the next bearish target. Note that the pair accelerated losses after crossing its 50-DMA/neckline of a short-term head-and-shoulders pattern (Fig. 1). A rebound above those levels (IDR14,851/14,859) and Aug 4 high of IDR14,939 is needed to give bulls some reprieve.


Fig 1. USD/IDR

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Spot USD/IDR has been in retreat this morning, shedding 80 figs so far to last trade at IDR14,688, as the rupiah became the best performer in emerging Asia both today and on a weekly basis. The rate is narrowing in on its 100-DMA, which intersects at IDR14,651, providing the next bearish target. Note that the pair accelerated losses after crossing its 50-DMA/neckline of a short-term head-and-shoulders pattern (Fig. 1). A rebound above those levels (IDR14,851/14,859) and Aug 4 high of IDR14,939 is needed to give bulls some reprieve.


Fig 1. USD/IDR

Keep reading...Show less