USD/IDR could advance to the 15,160 region – UOB

Further upside in USD/IDR could challenge the 15,160 area in the near term, indicates UOB Group’s Markets Strategist Quek Ser Leang.

Key Quotes

Last week, we expected USD/IDR to trade sideways between 14,945 and 15,090. USD/IDR then traded in a higher range than expected (14,980/15,100). Upward momentum is beginning to improve, and this week, we expected USD/IDR to trade with an upward bias toward 15,160. The next resistance at 15,219 is highly unlikely to come under threat. Support is at 15,040, followed by 15,000.