USDIDR: Solid support lies at 15,340 – UOB

Pablo Piovano FXStreet

Extra weakness in USDIDR should meet tough contention around 15,340 in the short-term horizon, notes Markets Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“While USD/IDR dropped sharply by 1.56% (Friday’s close of 15,490) last week, downward momentum has not improved much.”

“While USD/IDR could weaken further this week, any decline is expected to face solid support at 15,340 (minor support is at 15,450). Resistance is at 15,640, followed by 15,680.”

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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