USD/IDR Tumbles Ahead of BI Rate Decision

The USD/IDR currency pair is trading around 17,820, extending its losses for the second consecutive day. According to technical analysis, the pair remains within an ascending channel, indicating a bullish bias.

Traders are awaiting the Bank Indonesia (BI) interest rate decision later in the day, which may impact the market's direction. The USD/IDR pair holds a mildly bullish near-term bias as it stays above both the 9-day and 50-day Exponential Moving Averages (EMAs).

The 14-day Relative Strength Index (RSI) is at 54.08, leaning positive without reaching overbought territory. The elevated FXS Fed Sentiment Index at 148.39 suggests external dollar-supportive factors continue to underpin the pair.