USD/IDR could move into a 14,395-14,550 range – UOB

Pablo Piovano FXStreet

In opinion of Quek Ser Leang at UOB Group’s Global Economics & Markets Research, USD/IDR is likely to navigate the 14,395-14,550 range in the next weeks.

Key Quotes

“We highlighted last week that ‘there is room for USD/IDR to test 14,490 first before easing’. However, instead of ‘testing’ 14,490, USD/IDR blew past the level and surged to a high of 14,565 on Friday (02 Jul).”

“Overbought conditions coupled with the weak opening today suggest that USD/IDR is unlikely to strengthen further. For this week, USD/IDR is more likely to consolidate and trade between 14,395 and 14,550.”

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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