USD/IDR now seen within 14,280-14,380 – UOB

Quek Ser Leang at UOB Group’s Global Economics & Markets Research noted USD/IDR is predicted to keep the 14,280-14,380 range in the near term.

Key Quotes

“USD/IDR traded between 14,275 and 14,375 for the whole of last week, higher than our expected consolidation range of 14,260/14,360. The relatively quiet price actions offer no fresh clues and we continue to expect USD/IDR to consolidate, likely within a range of 14,280/14,380.”

“Looking ahead, USD/IDR has to break below the rising trend-line support (currently at 14,240) or above the declining trend-line resistance (currently at 14,405) before a sustained directional movement is likely.”