USD/IDR stays positive above 14,000 amid doubts over Indonesia's coronavirus status

USD/IDR takes the bids near a 12-week high.
Buyers cheer concerns about the absence of coronavirus cases, criticism of the handling of Jakarta’s floods.
The Indonesian government announced close to $750 million budget to ward off the COVID-19 risk, wider fiscal deficit expected.
US GDP, coronavirus headlines in the spotlight.

Anil Panchal FXStreet

USD/IDR rise to the highest since early December 2019 while taking the bids to 14,080, up 0.81%, during early Thursday. The pair recently benefited from the global doubts over how Indonesian can have no coronavirus cases despite being near to China. Also contributing to the pair’s upside is flooding in Jakarta and broad risk-off.

Although none of the 132 Indonesian lab tests came out as positive for coronavirus (COVID-19), Sydney Morning Herald joins the diplomatic community in Indonesia to doubt the government’s positive front. The reasons cited were the lack of amenities as well as political pressure. Further, pushes the voters to blame the Joko Widodo-led government for their inefficiency in managing the frequent natural calamity.

On Wednesday, Indonesian Finance Minister Sri Mulyani Indrawati accepted the fact that the government expects a wider fiscal deficit after announcing a multi-billion-dollar stimulus to tame the coronavirus risk.

Elsewhere, the market’s risk-tone remains heavy due to the widespread contagion of the Chinese virus outside Beijing and propels the pair. While portraying the same, the US 10-year treasury yields remain weak around 1.309% whereas S&P 500 Futures lose more than 1.30% to 3,068. Moreover, Indonesia’s IDX Composite dip 2.10% to 5,570 by the press time.

Looking forward, the second readings of the US GDP, January month Durable Goods Orders and coronavirus headlines can direct near-term moves of the pair.

Technical Analysis

A sustained break of the six-month-old falling trend line, at 13,890 now, USD/IDR prices are rising towards November 2019 high near 14,230.

Additional important levels

Overview
Today last price	14078.25
Today Daily Change	112.7500
Today Daily Change %	0.81%
Today daily open	13965.5

Trends
Daily SMA20	13753.09
Daily SMA50	13778.7425
Daily SMA100	13921.5725
Daily SMA200	14043.883

Levels
Previous Daily High	14117.5
Previous Daily Low	13856.7515
Previous Weekly High	13901.55
Previous Weekly Low	13652
Previous Monthly High	14023
Previous Monthly Low	13217.378
Daily Fibonacci 38.2%	14017.8941
Daily Fibonacci 61.8%	13956.3574
Daily Pivot Point S1	13842.3343
Daily Pivot Point S2	13719.1687
Daily Pivot Point S3	13581.5858
Daily Pivot Point R1	14103.0828
Daily Pivot Point R2	14240.6657
Daily Pivot Point R3	14363.8313

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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