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- USD/IDR: A test of 14,700 now appears on the cards – UOB
USD/IDR: A test of 14,700 now appears on the cards – UOB
Further gains in USD/IDR could extend to the 14,700 region in the short-term horizon, according to Quek Ser Leang at UOB Group’s Global Economics & Markets Research.
Key Quotes
“We highlighted last Monday (09 May, spot at 14,545) that ‘rapid increase in upward momentum is likely to lead to a break of the Jul 2021 high of 14,565’. We added, ‘the next resistance is at 14,620’.”
“Our view was not wrong as USD/IDR rose to a high of 14,625 on Friday (13 May) before extending its advance today. Upward momentum remains strong and USD/IDR could advance further to 14,680, possibly 14,700. Support is at 14,600 followed by 14,550.”
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