OCBC analysts cite oil prices and US rates as drivers for the pair, with resistance at 17,950–18,100 and support at 17,600–17,800.
The Indonesian rupiah has rebounded against the US dollar following a near 2% month-to-date decline, with USD/IDR trading at 17,875 levels. External factors, including elevated oil prices and US interest rates, remain primary drivers of the pair’s movement.
Analysts highlight Bank Indonesia’s policy continuity and focus on IDR stability as supportive for investor confidence, though near-term caution persists. Mild bearish momentum is intact on daily charts, but the relative strength index (RSI) has risen, suggesting potential two-way trade.
Resistance levels are identified at 17,950 and 18,100, while support is seen at 17,800 and 17,600. The broader USD backdrop has eased slightly, but oil prices continue to weigh on Indonesia’s terms of trade.