USD/IDR extends the vertical rise above 15k as Indonesian stocks crash

USD/IDR nears the highest since late-2018.
Coronavirus tally in Indonesia surges to 134 from 01 on March 02, key ministers tested positive.
Indonesia Trade surprise rise, the government takes measures to tame the COVID-19 damages, lockdown ruled out.
IDX revisit the lowest since January 2016, down more than 4.0% for the second day.

Anil Panchal FXStreet

With the coronavirus (COVID-19) breakout infecting the key Indonesian ministers, USD/IDR surges to the highest since November 2018 while taking the bids to 15,070, up 0.54%, during the early Tuesday.

The Asian nation is witnessing a surge in the virus cases, to 134 from 01 on March, which recently infected their Transport Minister Budi Karya Sumadi. President Joko Widodo and his family are awaiting results of the tests while also turning down the calls of a countrywide lockdown.

To fight against the pandemic, the nation announced $8.1 billion as a budgeted outlay to provide tax incentives and subsidies for the virus-infected nationals. This is quite less compared to the neighboring nations, like the Philippines that took harsh measures to ban FX and Bond trading as well as lockdowns to safeguard against the pandemic.

While identifying the risk of the outbreak, the countries key share index IDX Composite drops 4.5% to 4,480 by the press time. The index dropped more than 4.0% the previous day amid magnified risk aversion.

On the positive side, the country’s February month trade surplus rose to $2.34 billion with diplomats marking it as a significant improvement due to the increase in exports.

On a major scale, the market’s risk aversion catches a breather amid a splurge of global policymakers’ actions to counter the disease.

Technical Analysis

Unless providing a daily close below 14,700 comprising late-December 2018 top, the buyers can keep targeting the year 2018 high close to $15,450.

Additional important levels

Overview
Today last price	15055.5
Today Daily Change	64.4500
Today Daily Change %	0.43%
Today daily open	14991.05

Trends
Daily SMA20	14182.9925
Daily SMA50	13893.727
Daily SMA100	13957.0665
Daily SMA200	14048.0482

Levels
Previous Daily High	15273
Previous Daily Low	14612.9865
Previous Weekly High	15003.5
Previous Weekly Low	13986.229
Previous Monthly High	14435
Previous Monthly Low	13586.7255
Daily Fibonacci 38.2%	15020.8748
Daily Fibonacci 61.8%	14865.1117
Daily Pivot Point S1	14645.0243
Daily Pivot Point S2	14298.9987
Daily Pivot Point S3	13985.0108
Daily Pivot Point R1	15305.0378
Daily Pivot Point R2	15619.0257
Daily Pivot Point R3	15965.0513

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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