#USDIDR @ 15,670.0 USDIDR prints four-day uptrend, seesaws around intraday high of late., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• USDIDR prints four-day uptrend, seesaws around intraday high of late.
• Bank Indonesia is likely to increase benchmark rate by 50 bps.
• Upside break of fortnight-old resistance line could refresh multi-month high.
• 21-DMA, ascending trend line from late September restrict short-term downside.

The pair currently trades last at 15670.0.

The previous day high was 15651.55 while the previous day low was 15538.0. The daily 38.2% Fib levels comes at 15608.1739, expected to provide support. Similarly, the daily 61.8% fib level is at 15581.3761, expected to provide support.

USDIDR grinds higher as it braces for the Bank Indonesia (BI) Rate announcement during early Thursday, poking one-week high near $15,700 during a four-day uptrend by the press time.

The BI is ready to announce this year’s fourth rate hike to tame the inflation fears in the Asian economy. That said, the Indonesian central bank is likely to lift the rate by 50 bps to 5.25%, a three-year high during today’s monetary policy meeting.

As a result, a downward-sloping resistance line from November 04, around $15,720 by the press time, gains major attention as a successful break of which could quickly refresh the multi-month high marked earlier in November at around $15,745.

In that case, the $16,000 threshold may entertain USDIDR bulls before directing them to the yearly 2020 peak surrounding $16,740.

Alternatively, pullback moves remain elusive unless breaking the 21-DMA support near $15,615.

Even so, a seven-week-old ascending support line could challenge the USDIDR bears near $15,425.

It should be noted that an ascending trend line from August 2022, close to $15,160 at the latest, appears the last defense of the USDIDR bulls.

Trend: Further upside expected

Technical Levels: Supports and Resistances

USDIDR currently trading at 15679.5 at the time of writing. Pair opened at 15628.95 and is trading with a change of 0.32% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 15597.6225, 50 SMA 15342.034, 100 SMA @ 15121.432 and 200 SMA @ 14801.2555.

The previous day high was 15651.55 while the previous day low was 15538.0. The daily 38.2% Fib levels comes at 15608.1739, expected to provide support. Similarly, the daily 61.8% fib level is at 15581.3761, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 15560.7833, 15492.6167, 15447.2333
• Pivot resistance is noted at 15674.3333, 15719.7167, 15787.8833

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