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USD/IDR rebounds after near 2% pullback, traders watch oil and US rates
OCBC flagged near-term resistance at 17,950 to 18,100 and support at 17,800 to 17,600 for USD/IDR, with elevated oil seen as a headwind for Indonesia’s terms of trade.
OCBC analysts Sim Moh Siong and Christopher Wong said USD/IDR has rebounded after a nearly 2% pullback month to date, as the pair’s direction continues to hinge on external variables including elevated oil prices and US rates, which remain key drivers.
The note points to policy continuity at Bank Indonesia and its stated focus on IDR stability as supportive for market confidence, though the analysts described the outlook as slightly cautious in the near term due to ongoing sensitivity to oil and broader USD moves.
OCBC also mapped key levels traders are watching: resistance around 17,950 to 18,100, with support clustered at 17,800 to 17,600. They noted the pair was last around the 17,875 area and suggested two-way trade is likely for now.
The analysts said mild bearish momentum on the daily chart remains intact, while oil prices, US rates, and the broader US dollar direction are expected to remain the main factors influencing USD/IDR near term.