0241 GMT [Dow Jones] USD/IDR climbs higher to 11,560 after surpassing the 20-day Bollinger mid resistance at 11,520 on Thursday. The Three White Soldiers candlestick formation, which was confirmed on Wednesday, signalled the continuation of an upwards reversal which could soon extend into the Bollinger uptrend channel that begins at 11,570. Entry into the Bollinger uptrend channel could lead USD/IDR to the top of the channel at 11,610 and then possibly to the top of the daily Ichimoku Cloud at 11,740. The rupiah has been battered after the Golkar party--one of the largest political parties in Indonesia--backed out from a highly anticipated coalition with the popular PDI-P party and instead joined another coalition. USD/IDR is now 11,560 from its Thursday close of 11,528. (ewen.chew@wsj.com)
(END) Dow Jones Newswires
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May 22, 2014 22:41 ET (02:41 GMT)
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