USD/IDR: Rising bets for extra gains near term – UOB
|Further upside in the short-term horizon looks likely in USD/IDR, commented Quek Ser Leang at UOB Group’s Global Economics & Markets Research.
Key Quotes
“We highlighted last Monday (13 Jun, spot at 14,655) that ‘rapid boost in momentum is likely to lead to further USD/IDR strength’. We indicated, ‘resistance levels are at 14,700 followed by 14,735’. The anticipated advance exceeded our expectations as USD/IDR jumped to a high of 14,833 last Friday.”
“Upward momentum remains strong and USD/IDR is likely to strengthen further. However, overbought shorter-term conditions suggest that the major resistance at 14,950 is likely out of reach this week (there is another resistance at 14,900). On the downside, support is at 14,800 followed by 14,680.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.