USD/IDR poised for further advance – UOB

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.”