USD/IDR Loses Altitude In Defiance Of Recent Golden Cross

Spot USD/IDR has headed lower and last changes hands -42 figs at IDR14,393 vs. 1-Month NDF at IDR14,435 (-22 figs on the day). Bears have been pleased to see the spot sink through Mar 29 low/200-DMA at IDR14,410/14,406, which lends support to their case, following the formation of a head & shoulders pattern. Next support is located at IDR14,369, the low print of Mar 18. Bulls still hope that a potential impact of the recently charted golden cross will materialise, as they set their sights on h&s neckline/May 3 high at IDR14,470/14475.

• Indonesian Economic Min Hartarto said Wednesday that the gov't expects domestic economy to rise 6.9-7.8% Y/Y, which would be the fastest pace of growth since 2008. Hartarto noted that "the trend of economic recovery is toward positive growth" and "the curve is V-shaped."
• Indonesian foreign reserves data are due tomorrow, while Danareksa Consumer Confidence is expected to hit the wires by the end of this week.