USD/IDR: Further upside looks in store – UOB

Extra gains in USD/IDR seems favoured in the short-term horizon, argues Markets Strategist Quek Ser Leang UOB Group.

Key Quotes

Last week, we held the view that USD/IDR “could test 15,425 before the risk of a deeper pullback increases.” However, USD/IDR soared to a high of 15,540 before ending the week on a strong note at 15,450.

Strong upward momentum suggests USD/IDR is likely to continue to rise this week towards 15,550, potentially testing the major resistance at 15,600. Support is at 15,450, followed by 15,400.