USD/IDR: A convincing break above 15,245 is not favoured – UOB

Pablo Piovano FXStreet

Extra gains in USD/IDR look likely, although a sustained advance beyond 15,245 seems off the table suggests UOB Group’s Market Strategist Quek Ser Leang.

Key Quotes

“Our expectations for USD/IDR to ‘advance further’ last week did not materialize as it traded in a relatively narrow range of 15,139/15,225. The underlying tone still appears to be a tad firm and USD/IDR is likely to edge higher to 15,245.”

“Barring a sudden surge in momentum, a sustained rise above 15,245 is unlikely (next resistance is at 15,270). Support is at 15,130, followed by 15,000.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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