USD/IDR faces initial contention at 14,850 – UOB

In the view of Markets Strategist at UOB Group Quek Ser Leang, further downside in USD/IDR is expected to meet decent support at 14,850 ahead of 14,700.

Key Quotes

“Our view for USD/IDR to ‘consolidate and trade between 15,450 and 15,800’ last week was wrong as it lurched lower and plunged to a low of 15,130 before extending its decline today.”

“The rapid and strong buildup in momentum suggests USD/IDR is likely to weaken further. Support levels are at 14,850 and 14,700. On the upside, 15,280 is a solid resistance but the key level is at 15,350.”