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Quek Ser Leang from UOB Group’s Global Economics & Markets Research noted the pair could advance to the 13.830 area in the near term.

Key Quotes

USD/IDR dropped to 13,565 on 24 Jan, recovered slightly before soaring to a high of 13,730 earlier today (03 Feb). Daily MACD turned positive last week, the first time since early Dec last year. The 13,565 low is deemed as a short-term bottom and the current advance is likely the early stages of a corrective rebound. In other words, USD/IDR is not expected to move back below 13,565, at least for the next one month so. As the nearest resistance of note is some distance away at 13,830 (declining trend line that sits near the middle of the trading envelope), USD/IDR could stage a relatively rapid rebound towards this level. On a shorter-term note, in order to maintain the current positive momentum, USD/IDR should ideally not move back below 13,650.”