The rupiah may approach the “psychologically important level” of 10,000 a dollar, “maybe in the next one to two weeks,” Ng said.
The currency traded at 10,442 as of 8:47 a.m. in Jakarta, according to data compiled by Bloomberg. It earlier touched 10,319, the strongest level since Oct. 27. The rupiah’s 4.4 percent advance this year makes it the best performer among the 10 most-active Asian currencies outside of Japan.The 20-day moving average for the dollar-rupiah touched 10,723 today, compared with the 200-day’s 10,805, according to data compiled by Bloomberg. In technical analysis, investors and analysts study charts of trading patterns and prices to forecast changes in a security, commodity, currency or index. Moving averages are used to identify trends and find support or resistance. Support is a level where buy orders may be clustered and resistance is where there may be sell orders.
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