USD/IDR Price News: Rupiah bulls cheer upbeat Indonesia Q1 GDP below $14,500

  • USD/IDR takes offers, extends pullback from weekly top after the key data.
  • Indonesia Q1 GDP matches forecast on YoY, recovers on QoQ.
  • Covid worries in Asia battle absence of China, Japan.

USD/IDR stands on the slippery ground near 14,420, down 0.44% intraday, following Indonesia Q1 GDP release during early Wednesday. Although welcome prints of the first quarter (Q1) economic growth please the pair sellers of late, the coronavirus (COVID-19) woes in Asia and holidays in Japan, as well as China, test the latest downside.

Indonesia’s Q1 GDP recovered from -1.04% expected and -0.42% prior to -0.96% on QOQ. However, the YoY figures seem more upbeat while matching the -0.74% forecast compared to -2.19% prior.

It’s worth mentioning that Indonesian policymakers have been optimistic of late despite downbeat inflation figures. That said, the Asian diplomats have recently planned to cut the fiscal deficit while the Bank Indonesia (BI) stood pat in the latest meeting.

On a broader front, the virus-led pessimism keeps the rupiah pressured but an absence of Asian majors restricts the currency’s losses. However, vaccine optimism and pre-NFP cautious sentiment offer a sluggish period for the USD/IDR trader moving forward.

Against this backdrop, S&P 500 Futures print mild gains while the US dollar index (DXY) trims the previous day’s gains.

Looking forward, US ADP Employment Change and ISM Services PMI for April become the key to watch while risk catalysts shouldn’t be missed as well. However, major attention will be given to Friday’s US jobs report for clearer direction.

Read: US ISM Services PMI April Preview: Inflation readings remain key as recovery gains strength

Technical analysis

USD/IDR sellers need a clear downside break of 200-day SMA, around $14,420, to attack April’s low of $14,378.50. Meanwhile, a three-week-old resistance line near $14,520 guards the quote’s short-term upside.

Additional important levels

Today last price 14424.4
Today Daily Change -61.1500
Today Daily Change % -0.42%
Today daily open 14485.55
Daily SMA20 14533.565
Daily SMA50 14453.2545
Daily SMA100 14263.433
Daily SMA200 14420.9736
Previous Daily High 14493.7
Previous Daily Low 14380
Previous Weekly High 14571
Previous Weekly Low 14378.5
Previous Monthly High 14699
Previous Monthly Low 14378.5
Daily Fibonacci 38.2% 14450.2666
Daily Fibonacci 61.8% 14423.4334
Daily Pivot Point S1 14412.4667
Daily Pivot Point S2 14339.3833
Daily Pivot Point S3 14298.7667
Daily Pivot Point R1 14526.1667
Daily Pivot Point R2 14566.7833
Daily Pivot Point R3 14639.8667



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