USD/IDR: There is a robust hurdle at 15,840 – UOB

Pablo Piovano FXStreet

Further upside momentum in USD/IDR should meet strong resistance around 15,840, suggests Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

Our view for USD/IDR to weaken further last week was incorrect. Instead of weakening further, USD/IDR rebounded from 15,500 to 15,710 and ended the week at 15,690 (-0.22%). The rebound only resulted in a slight increase in momentum.

This week, while there is room for USD/IDR to rebound further, any advance is highly unlikely to break above the major resistance at 15,840 (minor resistance is at 15,770). Support is at 15,615, followed by 15,570.

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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