USD/IDR: Further range bound looks likely for the time being – UOB

Pablo Piovano FXStreet

USD/IDR is expected to navigate within the 14,600-14,740 range in the near term, suggested Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“We highlighted last Tuesday (17 May, spot at 14,645) that ‘upward momentum remains strong and USD/IDR could advance further to 14,680, possibly 14,700’. While our view for a stronger USD/IDR was not wrong as it surged to 14,736, we did not anticipate the sharp and swift pullback from the high.”

“The sharp pullback coupled with overbought shorter-term conditions suggests that USD/IDR is unlikely to strengthen much further. For this week, USD/IDR is more likely to trade sideways between 14,600 and 14,740.”

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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