USD/IDR Price News: Rupiah stays firmer around $14,250 as Indonesia trade surplus rises


  • USD/IDR sellers attack weekly support line, remains pressured around intraday low.
  • Indonesia Trade Balance improved, Imports and Exports also grew in August.

USD/IDR remains on the back foot around $14,250, down 0.06% intraday, after the upbeat Indonesia trade number release on early Wednesday. Also favoring the sellers to attack short-term support line is the market’s indecision over the Fed’s next moves and the US dollar moves that lack direction of late.

Indonesia Trade Balance grew past $2.4B market consensus and $2.59B previous readouts to $4.74B in August. Further details state that the Imports and Exports also crossed priors and forecasts while flashing 55.26% and 64.10% of respective growth figures.

It’s worth noting that the easy US inflation figures challenged the Fed tapering concerns the previous day but traders aren’t convinced, which in turn portray the latest sluggish Asian session amid a lack of major data/events.

That said, the US CPI dropped the most since January on monthly basis to 0.3% versus 0.4% expected and 0.5% prior. The CPI ex Food & Energy also dropped below 0.3% expected and previous readings to 0.1% during August, marking the biggest fall in six months. Fed’s readiness to accept a bit higher inflation figures, terming it ‘transitory’, seems to be at the test with almost double YoY figures than the US central bank’s previous target range of near 2.0%.

Moving on, risk catalysts and the second-tier US data may direct intraday moves of the USD/IDR pair. However, Thursday’s US Retail Sales and Friday’s Michigan Consumer Confidence will be crucial ahead of the next week’s all-important Federal Reserve monetary policy meeting.

Technical analysis

A clear downside break of the one-week-old support line, near $14,245 at the latest, becomes necessary for the USD/IDR bears to keep controls. Alternatively, 200-DMA near $14,320 guards the quote’s short-term upside.

Additional important levels

Overview
Today last price 14242.8
Today Daily Change -8.0500
Today Daily Change % -0.06%
Today daily open 14250.85
 
Trends
Daily SMA20 14318.4475
Daily SMA50 14400.405
Daily SMA100 14382.295
Daily SMA200 14315.596
 
Levels
Previous Daily High 14298.9
Previous Daily Low 14222.05
Previous Weekly High 14332.5
Previous Weekly Low 14117.5
Previous Monthly High 14558.5
Previous Monthly Low 14199.1
Daily Fibonacci 38.2% 14269.5433
Daily Fibonacci 61.8% 14251.4067
Daily Pivot Point S1 14215.6333
Daily Pivot Point S2 14180.4167
Daily Pivot Point S3 14138.7833
Daily Pivot Point R1 14292.4833
Daily Pivot Point R2 14334.1167
Daily Pivot Point R3 14369.3333

 

 

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