USD/IDR risks further weakness near term – UOB

Pablo Piovano FXStreet

The continuation of the downtrend looks likely in USD/IDR in the short term, comments Markets Strategist at UOB Group Quek Ser Leang.

Key Quotes

“USD/IDR dropped sharply and rapidly over the last couple of weeks. While further USD/IDR weakness is not ruled out, any further decline is unlikely to challenge the major support at 14,770 this week.”

“On a shorter-term note, 14,850 is already quite a strong support level. Resistance is at 15,100, followed by 15,200.”

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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