USD/IDR: Extra gains remains on the cards – UOB

Markets Strategist Quek Ser Leang at UOB Group suggests that further upside in USD/IDR should not be ruled out in the short-term horizon.

Key Quotes

USD/IDR soared to a high of 15,965 last week, its highest level since April 2020. While upward momentum is strong, the rally over the past few weeks is severely overbought. Further USD/IDR strength is not ruled out, but in view of the overbought conditions, the pace of any advance is likely to be slower.

Also, USD/IDR may find the major resistance at 16,000 difficult to break. Support is at 15,860; a breach of 15,825 would indicate that the rally in USD/IDR is ready to take a breather.