Is the IDR rally more fundamental than technical right now?

Been watching $IDR today, it's had a decent run up to 30.135, even with that 1.50% gain, the range has been pretty wide, from 29.87 to 31.0899. I know a lot of folks here are big on technicals and will point to certain levels, but I'm starting to wonder if the recent appreciation isn't more driven by some underlying capital flows or maybe even a shift in investor sentiment toward the region, rather than just chart patterns. Like, are the fundamentals finally catching up, or is this still primarily a technical bounce within a larger trend? My gut says it feels different than just a short-term trade. What are your thoughts? Am I off base here?