USD/IDR could see 14,420 retested – UOB

UOB Group’s FX Strategists noted that USD/IDR could edge higher and re-visit the 14.420 level in the next weeks.

Key Quotes

“While our view from last Monday (17 May) for USD/IDR to strengthen was correct, our expectation that it is ‘unlikely to break the solid resistance at 14,360’ was not as it soared to a high of 14,395 on Thursday.”

“Further USD/IDR strength is not ruled out for this week but overbought conditions suggest that any advance is likely limited to a test 14,420. The next resistance at 14,480 is likely out of reach. Support is at 14,270 followed by 14,220.”