Polls close in Indonesia, USD/IDR still listless below 14,100
The eight-hour voting process across Indonesia for the Presidential election and the parliament have closed now and the outcome as to who would be the next President should be clear by late-Wednesday, though official results will be known in May.
According to Omkar Godbole, FXStreet’s Analyst, Incumbent Joko Widodo is up against nationalist former army general Prabowo Subianto. From Indonesian Rupiah's point of view, Subianto's victory could bring in some uncertainty, given his lack of experience in governing. That said, there is very little difference between the economic policies proposed by both candidates. Even so, Widodo victory may put a bid under the IDR.”
Most opinion polls give Widodo a double-digit lead, but the opposition says the race is much closer and Prabowo said before voting in the city of Bogor he was optimistic about winning, Reuters reports.
Throughout the polling process and now as the voting ends, the Indonesian Rupiah continues to trade flat-lined near 14,085 levels against its American counterpart, with markets awaiting a likely Widodo win for the USD/IDR to hit fresh two-month lows to test the next support at 13,890 (February lows).
USD/IDR Technical Levels
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
