USDIDR remains mildly bid, extends week-start rebound amid sluggish session. (Pivot Orderbook analysis)

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• USDIDR remains mildly bid, extends week-start rebound amid sluggish session.
• Indonesia Consumer Confidence rise to 120.30 in October.
• US dollar licks its wound amid firmer yields, covid fears from China.
• Light calendar restricts immediate moves, US inflation in focus.

The pair currently trades last at 15683.55.

The previous day high was 15738.0 while the previous day low was 15607.25. The daily 38.2% Fib levels comes at 15688.0535, expected to provide resistance. Similarly, the daily 61.8% fib level is at 15657.1965, expected to provide support.

USDIDR picks up bids to print mild gains around $15,685 during Tuesday’s inactive Asian session. In doing so, the Indonesia Rupiah (IDR) pair fails to cheer the recently firmer Consumer Confidence data amid easing market optimism.

Indonesia’s Consumer Confidence gauge rose to 120.30 versus 117.2 printed in September. It’s worth noting that the covid fears emanating from China also challenge the optimism in the Asia-Pacific region.

Recently, China reported the biggest jump in the fresh daily coronavirus numbers since April, which in turn justifies the dragon nation’s previous defense of the zero-covid policy.

Elsewhere, geopolitical fears surrounding the next week’s Group of 20 (G20) nations’ meeting in Bali also propel the USDIDR prices of late.

Recently firmer US Treasury yields and cautious mood ahead of Thursday’s US Consumer Price Index (CPI) for October also underpin the USDIDR trader’s bullish bias.

Against this backdrop, the US Treasury yields are firmer and stock futures remain indecisive but the US Dollar Index (DXY) rebounds from a one-week low.

Moving on, markets in the Asia-Pacific region may witness a lack of momentum amid mixed clues and an off in India. However, Thursday’s inflation data from China and the US could entertain the traders.

The USDIDR pair’s sustained bounce off the 10-DMA, around $15,535 by the press time, enables buyers to aim for the yearly top marked earlier in November, around $15,820.

Technical Levels: Supports and Resistances

EURUSD currently trading at 15683.55 at the time of writing. Pair opened at 15672.8 and is trading with a change of 0.07% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 15546.6775, 50 SMA 15245.131, 100 SMA @ 15069.7925 and 200 SMA @ 14759.0.

The previous day high was 15738.0 while the previous day low was 15607.25. The daily 38.2% Fib levels comes at 15688.0535, expected to provide resistance. Similarly, the daily 61.8% fib level is at 15657.1965, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 15607.3667, 15541.9333, 15476.6167
• Pivot resistance is noted at 15738.1167, 15803.4333, 15868.8667

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