USD/IDR looks side-lined for the time being – UOB

Pablo Piovano FXStreet

In the view of Markets Strategist Quek Ser Leang at UOB Group, USD/IDR is now expected to navigate within the 14,550-14,740 range.

Key Quotes

“While we expected USD/IDR to weaken further last week, we were of the view that ‘any decline is likely to be at a slower pace and is unlikely to break the major support at 14,440’. Our view was not wrong as USD/IDR dropped to a low of 14,560 and then rebounded to end the week little changed at 14,670 (+0.03%).”

“The weakness in USD/IDR appears to have stabilized and it is unlikely to weaken further. This week, USD/IDR is more likely to consolidate, expected to be between 14,550 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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