FX Strategy 22 August 2013 |
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The USD/IDR 1 Month NDF has suddenly left its recent consolidation phase and so far shot up to 11492.5, a level last seen in April 2009 and which is located above the 61.8% Fibonacci retracement of the 2009-13decline at 11133 (see the weekly chart on the following page).
Around the 11500 level the current rally may pause.
If not, the 78.6% Fibonacci retracement at 11862 and the April 2009 peak at 11975 will be back in focus.
Good support is now seen between the 10566 June and the 10548 July highs.
Our long term bullish forecast will remain valid while the NDF trades above the 10080 July trough.
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