USD/IDR faces a tough contention zone around 15,320 – UOB

Pablo Piovano FXStreet

The continuation of the downward bias could drag USD/IDR to the strong support around 15,320 in the near term, according to Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

We did not anticipate the sharp drop in USD/IDR last week (we were expecting it to rebound further). USD/IDR continues to drop today, and the risk for this week is still on the downside. That said, it remains to be seen if USD/IDR can break clearly below the major support at 15,320.

Looking ahead, if USD/IDR breaks clearly below this level, the focus will shift to 15,220. The downside risk is intact as long as USD/IDR stays below 15,590 (minor resistance is at 15,510).

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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