USD/IDR faces extra side-lined trading – UOB

Pablo Piovano FXStreet

According to Markets Strategist Quek Ser Leang at UOB Group, USD/IDR is seen navigating within the 14,610-14,960 range in the short term.

Key Quotes

“We highlighted last Monday (10 Apr, spot at 14,905) that ‘weakness in USD/IDR has yet to stabilize’ and held the view that USD/IDR ‘could weaken further but February’s low of 14,830 is likely out of reach’. The anticipated weakness exceeded our expectations as USD/IDR plummeted to 14,640 on Friday.”

“Severely oversold conditions suggest that USD/IDR is unlikely to weaken much further. This week, USD/IDR is more likely to trade in a range, expected to be in a range of 14,610/14,960.”

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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