USD/IDR: A drop to 14,925 should not be ruled out – UOB

Pablo Piovano FXStreet

A decline to the 14,925 region appears in the pipeline ahead of some stabilization in USD/IDR, notes Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

“We highlighted last Monday that ‘the sharp and rapid drop in USD/IDR has room to extend’. We added, ‘in view of the deeply oversold conditions, a sustained drop below the major support at 14,095 is unlikely’. USD/IDR dropped to a low of 14,945 before rebounding to end the week at 14,990 (-1.06%).”

“While conditions remain oversold, the weakness in USD/IDR has not stabilized. This week, barring a break above 15,230, USD/IDR could drop to 14,925 before stabilization is likely.”

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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