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USD/IDR Likely Hover to Between 11,485-11,570

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General News
Tuesday, May 6, 2014
        0147 GMT [Dow Jones] USD/IDR is likely to trade in a consolidation range of 11,485-11,570, supported by the 20-day Bollinger mid line and capped by the entrance to the Bollinger uptrend channel. Technical signals are lacking at the moment while USD/IDR stays inside the Ichimoku Cloud resistance zone that spans 11,450-11,750. The main risk event on the horizon for the Indonesian rupiah will likely be the July 1 presidential elections. A win for popular candidate Joko Widowo could give a slight boost to investor sentiment, though the prospect of a coalition government facing hurdles in reforming administration may limit investor exuberance. USD/IDR is now 11,520 versus its Monday close of 11,515. (ewen.chew@wsj.com)
        (END) Dow Jones Newswires

        May 05, 2014 21:48 ET (01:48 GMT)

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