USD/IDR: Door open to extra upside – UOB

Further gains appear likely in the short-term horizon for USD/IDR, comment Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

USD/IDR broke above 15,219 last week. The breach of the strong resistance level led to a strong advance to 15,359. The price actions suggest further USD/IDR strength this week.

In view of the overbought short-term conditions, March’s peak near 15,475 is likely out of reach for now (there is another resistance at 15,400). Support is at 15,275, but only a breach of 15,235 would indicate that USD/IDR is not strengthening further.