USD/IDR Price Analysis: Nears $15,700 before Bank Indonesia Rate Decision
USDIDR has a four-day rise and recently oscillated around an intraday high. The benchmark rate will likely rise by 50 basis points by Bank Indonesia. A breach to the upside of a two-week-old resistance line might reaffirm a multi-month high. The short-term downside is constrained by the 21-DMA and an ascending trend line from late September.
The USDIDR continues to rise as it waits for the Bank Indonesia (BI) Rate announcement on Thursday morning, reaching a one-week high above $15,700 at the time of publication after a four-day upswing.
To allay inflation anxieties in the Asian economy, the BI is prepared to announce this year’s fourth rate increase. Nevertheless, at today’s monetary policy meeting, the Indonesian central bank is anticipated to increase the rate by 50 basis points to 5.25%, a three-year high.
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