USD/IDR: Break of last week's low at 15000 to result in a decline towards 14810 – SocGen

Bank Indonesia (BI) kept its policy rate unchanged at 5.75% today. USD/IDR is trading in the red and a failure to hold last week low of 15000 would trigger more losses, economists at Société Générale report.  

15400 is a crucial resistance

“Bank Indonesia kept rates unchanged at 5.75%.”

“Lower band of the November/December consolidation at 15400 is a crucial resistance. Failure to cross would mean persistence in down move.” 

“Break of last week's low at 15000 is likely to result in a decline towards 14810 and perhaps even towards April 2021 high of 14600.”