USD/IDR Price News: Rupiah welcomes Indonesia Retail Sales recovery above $14,000

USD/IDR fails to extend previous day’s recovery, retreats from intraday high of late.
Indonesia Retail Sales improved to -14.6% in March, BI turns optimistic for April.
Risk-off mood tests rupiah bulls amid a light calendar in Asia.

Anil Panchal FXStreet

USD/IDR strengthens bearish impulse, down 0.08% intraday around $14,190, after upbeat Indonesia Retail Sales favored rupiah buyers during early Tuesday. Even so, the currency pair struggles to go all with the bears as risk-off mood favors US dollar bounce.

Indonesia Retail Sales for March recovered from 18.1% prior contraction, as well as the Bank Indonesia (BI) forecast of -17.1%, to a yearly drop of 14.6%. Following the data, the BI survey also said, “Stronger fuel sales were supportive, although sales of clothes and recreational amenities continued to show drops during the month,” per Reuters.

It should be noted that the BI expects a 9.8% increase in Retail Sales in April.

Also positive for the USD/IDR could be the upbeat China inflation figures for April. Although the headline Consumer Price Index (CPI) missed upbeat expectations, the Producer Price Index rallied to October 2017 tops earlier in Asia.

Read: China CPI 0.9% YoY vs expected 1.0% / PPI 6.8% YoY vs the expected 6.5%

Even so, USD/IDR bears struggle amid the fears of reflation weighing on the US stock futures and Asian stocks.

Moving on, Fed chatters will be the key ahead of the US inflation data for April, up for publishing on Wednesday. Also, the coronavirus (COVID-19) and vaccine updates may as well provide near-term direction to the USD/IDR prices.

Technical analysis

Unless rising beyond April’s low near 14,380, USD/IDR bears can keep the reins.

Additional important levels

Overview
Today last price	14190.75
Today Daily Change	-13.9500
Today Daily Change %	-0.10%
Today daily open	14204.7

Trends
Daily SMA20	14463.425
Daily SMA50	14454.0215
Daily SMA100	14267.9155
Daily SMA200	14412.2506

Levels
Previous Daily High	14285
Previous Daily Low	14108.4
Previous Weekly High	14536.75
Previous Weekly Low	14092.2
Previous Monthly High	14699
Previous Monthly Low	14378.5
Daily Fibonacci 38.2%	14217.5388
Daily Fibonacci 61.8%	14175.8612
Daily Pivot Point S1	14113.7333
Daily Pivot Point S2	14022.7667
Daily Pivot Point S3	13937.1333
Daily Pivot Point R1	14290.3333
Daily Pivot Point R2	14375.9667
Daily Pivot Point R3	14466.9333

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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