USD/IDR: Indonesian Rupiah rises to 7-week highs, President Widodo gets second term as expected


  • USD/IDR has hit the lowest since Feb. 28 in Asia. 
  • Exit polls show the incumbent Indonesian President Joko Widodo is on course for the second term. 
  • A bearish lower highs pattern favors further slide in the USD/IDR pair.

USD/IDR is currently trading at 14,014, representing a 0.39 percent drop on the day, having printed a low of 14,000 earlier today, its lowest level since February 28. 

The Indonesian Rupiah is likely cheering the exit polls, which show the incumbent Joko Widodo in on course for the second term. "Quick counts" conducted by a variety of credible polling agencies put Jokowi on around 55% of the vote, with Prabowo winning around 44%, according to CNN. 

Widodo is widely seen as a progressive leader, given the Indonesian economy logged a solid 5 percent growth rate during his first term in office. 

More importantly, his rival, the former army general Prabowo Subianto, lacks experience in governing. His loss, therefore, has eliminated uncertainty, pushing the IDR higher. 

Looking forward, the USD/IDR may drop to key support at 13970 (Feb. 26 low). A close lower would bolster the already bearish technical setup and allow a stronger sell-off to 13,895 (February low). The outlook would turn bullish again if and when the spot violated the bearish lower highs pattern with a move above 14,152. 

USD/IDR

Overview
Today last price 14014.05
Today Daily Change 16.5500
Today Daily Change % -0.39
Today daily open 13997.5
 
Trends
Daily SMA20 14164.075
Daily SMA50 14141.752
Daily SMA100 14223.133
Daily SMA200 14498.352
Levels
Previous Daily High 14158.5
Previous Daily Low 13974.25
Previous Weekly High 14258.5
Previous Weekly Low 14092.5
Previous Monthly High 14416
Previous Monthly Low 14056.5
Daily Fibonacci 38.2% 14044.6335
Daily Fibonacci 61.8% 14088.1165
Daily Pivot Point S1 13928.3333
Daily Pivot Point S2 13859.1667
Daily Pivot Point S3 13744.0833
Daily Pivot Point R1 14112.5833
Daily Pivot Point R2 14227.6667
Daily Pivot Point R3 14296.8333

 

 

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