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- USD/IDR now looks to a potential test of 14,925 – UOB
USD/IDR now looks to a potential test of 14,925 – UOB
USD/IDR could extend the rally further and revisit the 14,925 level in the short-term horizon, suggests X Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research.
Key Quotes
“The swift and sharp rebound in USD/IDR last week came as a surprise (we were of the view that the weakness in USD/IDR could extend to 14,620 first before stabilization is likely).”
“The rapid rebound has scope to rise above the trend-line resistance at 14,925. While daily MACD is turning positive, overbought shorter-term conditions suggest the next resistance at 14,990 is unlikely to come under threat. Support is at 14,820 followed by 14,750.”
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