USD/IDR bounces off 23-month highs at 16,320

Dhwani Mehta FXStreet

While speaking to Reuters on Thursday, Indonesian President Joko Widodo expressed his displeasure with the recent appreciation in the Indonesian rupiah.

Widodo said that the rupiah strengthening too quickly may upset the exporters.

The rupiah jawboning by the Indonesian President seems to have capped the ongoing rally in the local currency, as USD/IDR attempts recovery from a 23-month low of 16,320.

Responding to the comments from Widodo, the Bank Indonesia’s (BI) Deputy Governor said that rupiah strengthens on improving fundamentals and that the BI is not seeing the need to intervene.

“Stronger rupiah will not harm exporters,” he added.

At the press time, the cross reverses most losses and trades at 13,655 levels. The rupiah benefits from the gains in its Asian peers as the greenback remains under pressure across the board after the US-China phase one deal was finally signed and delivered on Wednesday.

USD/IDR Technical levels to watch

USD/IDR

Overview
Today last price	13655.5
Today Daily Change	-43.5000
Today Daily Change %	-0.32
Today daily open	13699

Trends
Daily SMA20	13869.3662
Daily SMA50	13983.3249
Daily SMA100	14043.5235
Daily SMA200	14124.5167

Levels
Previous Daily High	13731.3
Previous Daily Low	13656.4965
Previous Weekly High	14023
Previous Weekly Low	13721.5
Previous Monthly High	14181.2945
Previous Monthly Low	13676.9335
Daily Fibonacci 38.2%	13702.7251
Daily Fibonacci 61.8%	13685.0714
Daily Pivot Point S1	13659.8977
Daily Pivot Point S2	13620.7953
Daily Pivot Point S3	13585.0942
Daily Pivot Point R1	13734.7012
Daily Pivot Point R2	13770.4023
Daily Pivot Point R3	13809.5047

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.

EUR/USD hovers around 1.1850 ahead of FOMC Minutes

EUR/USD stays on the back foot around 1.1850 in the European session on Wednesday, pressured by renewed US Dollar demand. Traders now look forward to the Minutes of the Fed's January monetary policy meeting for fresh signals on future rate cuts.

GBP/USD defends 1.3550 after UK inflation data

GBP/USD is holding above 1.3550 in Wednesday's European morning, little changed following the UK Consumer Price Index (CPI) data release. The UK inflation eased as expected in January, reaffirming bets for a March BoE interest rate cut, especially after Tuesday's weak employment report.

Gold retains bullish bias amid Fed rate cut bets, ahead of Fed Minutes

Gold sticks to modest intraday gains through the early European session, reversing a major part of the previous day's heavy losses of more than 2%, to the $4,843-4,842 region or a nearly two-week low. That said, the fundamental backdrop warrants caution for bulls ahead of the FOMC Minutes, which will look for more cues about the US Federal Reserve's rate-cut path.

Pi Network rally defies market pressure ahead of its first anniversary

Pi Network is trading above $0.1900 at press time on Wednesday, extending the weekly gains by nearly 8% so far. The steady recovery is supported by a short-term pause in mainnet migration, which reduces pressure on the PI token supply for Centralized Exchanges. The technical outlook focuses on the $0.1919 resistance as bullish momentum increases.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Top 3 Price Prediction: Bitcoin, Ethereum, and Ripple face downside risk as bears regain control

Bitcoin, Ethereum, and Ripple remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.