USD/IDR: Further gains could retest 15,015 – UOB

In the view of Markets Strategist Quek Ser Leang at UOB Group, USD/IDR could advance to the 15,015 level in the near term.

Key Quotes

Last week, we held the view that USD/IDR “is likely to edge lower but a sustained drop below 14,740 is unlikely”. Our view was incorrect as USD/IDR rose to high of 14,960.

 

USD/IDR opened on a firm note in Asian trade today and it is likely to rise further to 15,015 this week. The next resistance at 15,045 is unlikely to come under threat. Support is at 14,925, followed by 14,850.