USD/IDR could see 14,420 retested – UOB

Pablo Piovano FXStreet

UOB Group’s FX Strategists noted that USD/IDR could edge higher and re-visit the 14.420 level in the next weeks.

Key Quotes

“While our view from last Monday (17 May) for USD/IDR to strengthen was correct, our expectation that it is ‘unlikely to break the solid resistance at 14,360’ was not as it soared to a high of 14,395 on Thursday.”

“Further USD/IDR strength is not ruled out for this week but overbought conditions suggest that any advance is likely limited to a test 14,420. The next resistance at 14,480 is likely out of reach. Support is at 14,270 followed by 14,220.”

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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