USD/IDR: No changes to the side-lined mood – UOB

Pablo Piovano FXStreet

Market Strategist Quek Ser Leang at UOB Group favours the continuation of the current consolidation in USD/IDR.

Key Quotes

“Our narrative last week was ‘Further USD/IDR strength is likely but it remains to be seen if the next major resistance at 15,490 is within reach this week’. Our view did not materialize as USD/IDR rose to a high of 15,320 before ending the week at 15,295.”

“The price actions appear to be part of a consolidation phase and USD/IDR is likely to trade sideways between 15,200 and 15,350 this week.”

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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