FX Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research notes USD/IDR could extend the advance to the 15,150 hurdle in the short-term horizon.
“We expected USD/IDR to advance last week. We held the view that ‘the July’s peak of 15,033 is likely out of reach for now’. The anticipated advance exceeded our expectations as USD/IDR rose to 14,042 last Friday.”
“USD/IDR jumped higher upon opening today and appears to be on track for further gains. The next resistance is at 15,150 followed by 15,200. Support is at 15,050 followed by 15,000.”