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Rupiah Shows Resilience, Drawing Support From Firmer Palm Oil

IDR

Spot USD/IDR has been chewing into its opening losses caused by market reaction to the FOMC's monetary policy decision/rhetoric. The pair last deals at IDR14,973, down 40 figs on the day. From a technical standpoint, the next downside target is provided by the 50-DMA, which kicks in at IDR14,805. Conversely, bulls keep an eye on Jul 22 high of IDR15,038.

  • USD/IDR 1-month NDF last seen +37 figs at IDR14,977. Bulls look to a rally past Jul 21 high of IDR15,133 towards Jul 15 cycle high of IDR15,190. On the flip side, bears would be pleased by a slide through the 50-DMA at IDR14,823.
  • MYR/IDR changes hands at IDR3,360, down ~7 figs on the day. Bears need a break under the 50-DMA/neckline of double bottom pattern at IDR3,353/3,349 to confirm that a broader reversal is underway. Meanwhile, bulls look for a rebound above the IDR3,400 mark, which would suggest that topside impetus has returned.
  • SGD/IDR deals at IDR10,835, up ~20 figs on the day but well off the intraday high of IDR10,869. Renewed gains past Apr 26, 2021 high of IDR10,959 would bode well for the bullish case. Bears look for a retreat towards the 50-DMA at IDR10,670.
  • Palm oil futures have extended gains in morning Kuala Lumpur trade. The most active contract last deals ~MYR142/MT higher on the day.
  • President Widodo's talks with Japanese Prime Minister Kishida revolved around trade, investment, labour and security cooperation. Jokowi is now heading to South Korea, for the final leg of his East Asia tour.
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