USD/IDR: Further upside in store near term – UOB

Pablo Piovano FXStreet

According to Markets Strategist Quek Ser Leang at UOB Group, USD/IDR could extend the upside bias further in the short-term horizon.

Key Quotes

“We highlighted last Monday (07 Feb, spot at 15,125) that ‘There is room for USD/IDR to rise to 15,190’. We added, ‘In view of the overbought short-term conditions, a sustained rise above this level is unlikely this week’. USD/IDR subsequently rose to 15,146, closed at 15,130 before surging above 15,190 in Asian trade today.”

“The price actions suggest USD/IDR is likely to advance further this week. Resistance levels are at 15,270, followed by a major level at 15,350. On the downside, support is at 15,130, a break of 15,050 would indicate that USD/IDR is not advancing further.”

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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