USD/IDR poised to extend the upside near term – UOB

Further gains in USD/IDR are likely while above 15,285, suggests to Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

Our view for USD/IDR to trade sideways last week was incorrect, as it soared to a high of 15,355. The rapid rise has gathered momentum, and a break above last month’s high of 15,359 will not be surprising.

The next resistance levels above 15,359 are at 15,375 and 15,400. In order to maintain the increase in momentum, USD/IDR must stay above 15,285 (there is another support level at 15,320).