USD/IDR: Next on the downside comes 15,350 – UOB

USD/IDR could recede to the 15,350 region in the next few weeks, notes Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

Last week, USD/IDR traded in a relatively choppy manner between 15,350 and 15,555 before settling at 15,480 (-0.51%). While downward momentum has not increased much, there is scope for USD/IDR to retest the 15,350 level this week.

The next support at 15,300 is highly unlikely to come under threat. Resistance is at 15,500, followed by 15,535.