USD/IDR: Next on the upside comes 14,470 – UOB

Quek Ser Leang at UOB Group’s Global Economics & Markets Research suggests USD/IDR could edge higher and test the 14,470 region.

Key Quotes

“We expected USD/IDR to trade sideways between 14,335 and 14,385 last week. USD/IDR subsequently traded between 14,323 and 14,365 before surging higher upon opening today. The price actions suggest USD/IDR could strengthen further from here.”

“A break of 14,470 would not be surprising but last July’s high at 14,565 is likely out of reach for this week. Support is at 14,410 followed by 14,385.”