In opinion of Quek Ser Leang at UOB Group’s Global Economics & Markets Research, USD/IDR could advance further and test the 14,490 level.
Key Quotes
“We highlighted last Monday that ‘risk for this this week is on the upside and the level to focus on is at 14,440’.”
“We added, ‘there is another strong resistance at 14,455 but this level is unlikely to come into the picture this week’. The subsequent advance exceeded our expectation as USD/IDR rose to 14,460. While overbought, the advance has room to test 14,490 first before easing off.”
“The next resistance at 14,520 is not expected to come into the picture. Support is at 14,395 followed the major level at 14,355.”
