USD/IDR poised for further advance – UOB

Pablo Piovano FXStreet

Quek Ser Leang at UOB Group’s Global Economics & Markets Research noted USD/IDR is likely to break above the 14,385 level in the short term.

Key Quotes

“We expected USD/IDR to trade within a 14,180/14,300 range last week. However, it rose to 14,340 last Friday, and today, it extended its advance and appears to have breached a declining trend-line resistance. Upward momentum is building and this coupled with the breach of the trend-line is likely to lead to further USD/IDR strength.”

“A break of Nov’s high of 14,385 would not be surprising even though it is too soon to expect an advance to 14,470. The current USD/IDR strength is deemed intact as long as it does not move below the strong support near 14,250.”

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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