• USD/IDR keeps Friday’s rebound despite Indonesia’s firmer CPI, PMI data.
  • Fed tapering concerns underpin US dollar ahead of the key Wednesday.
  • Fears of China losing economic momentum off the pandemic also challenge IDR.

USD/IDR stays firmer around $14,240, recently easing to $14,235, ahead of Monday’s European session. The Indonesian rupiah (IDR) pair recently ignored firmer Indonesia numbers amid fears concerning China and economic growth at home.

Indonesia’s headline Inflation matches the 1.66% YoY forecast, versus 1.6% prior whereas the figures bear +0.11% market consensus and -0.04% prior with +0.12% figures on MoM. Further, Core Inflation rose past 1.3% previous readouts to 1.33% during October. Additionally, Indonesia HIS Markit PMI for October also rose past 52.2 in September to 52.7.

It’s worth noting that the Bank Indonesia (BI) has recently eased credit card rules. During its latest monetary policy meeting in October, the BI matched wide market expectations of inaction while suggesting a rate hike move in 2022.

Elsewhere, the Fed tapering tantrums underpin the US dollar and the Treasury yields. However, cautious optimism in equities markets and the US stimulus hopes challenge the risk-off mood. Also challenging the USD/IDR bears is the fears that the Asian major China, also Indonesia’s strong trading partner, seems to lose underlying economic recovery momentum from the pandemic as supply crunch and credit crisis challenge the bulls.

Given the firmer US inflation and chatters surrounding Fed tapering, USD/IDR may remain firmer but cautious mood ahead of Wednesday’s Fed verdict may challenge the pair’s advances.

Technical analysis

Although an eight-day-long rising support line, around $14,170, keeps USD/IDR bulls hopeful, 50-DMA and a downward sloping trend line from August 20, around $14,250-55, question the pair’s short-term advances.

Additional important levels

Overview
Today last price 14239.65
Today Daily Change 11.1000
Today Daily Change % 0.08%
Today daily open 14228.55
 
Trends
Daily SMA20 14182.3625
Daily SMA50 14246.818
Daily SMA100 14351.5565
Daily SMA200 14334.4211
 
Levels
Previous Daily High 14258.75
Previous Daily Low 14175
Previous Weekly High 14259.25
Previous Weekly Low 14120
Previous Monthly High 14373.25
Previous Monthly Low 13716.9
Daily Fibonacci 38.2% 14226.7575
Daily Fibonacci 61.8% 14206.9925
Daily Pivot Point S1 14182.7833
Daily Pivot Point S2 14137.0167
Daily Pivot Point S3 14099.0333
Daily Pivot Point R1 14266.5333
Daily Pivot Point R2 14304.5167
Daily Pivot Point R3 14350.2833

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

AUD/USD bulls seek a break of 0.6925 for 0.6950 target area

AUD/USD bulls seek a break of 0.6925 for 0.6950 target area

AUD/USD is consolidated at the start of the Asian day following some back and forth at the start of the week. The Aussie is trading at 0.6922 and will be dependent on the trajectory of the greenback in the absence of domestic data this week other than Retail Sales tomorrow. 

AUD/USD News

EUR/USD retreats from fortnight high near 1.0600 on recession/inflation fears

EUR/USD retreats from fortnight high near 1.0600 on recession/inflation fears

EUR/USD holds onto the pullback from a two-week high as bulls get rejections from short-term key resistances, as well as risk-off mood, during Tuesday’s Asian session. The major currency pair remains pressured around 1.0585.

EUR/USD News

Gold bounces off $1,820 support zone, focus on US data, Fed’s Powell

Gold bounces off $1,820 support zone, focus on US data, Fed’s Powell

Gold Price consolidates recent losses at around $1,825.00 during Tuesday’s Asian session. In doing so, the yellow metal takes clues from the market’s cautious optimism ahead of the key US consumer sentiment numbers and the much-awaited central bankers’ debate at the ECB forum.

Gold News

ApeCoin price edges near a critical level, is the uptrend genuine?

ApeCoin price edges near a critical level, is the uptrend genuine?

ApeCoin price shows compression of two Simple Moving Averages as price consolidates. APE price shows bullish re-entrance on the Volume Profile pattern, but traders should steer away from being early buyers. Invalidation of the bear trend remains at $6.15.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures