USD/IDR: A test of 15,400 appears on the table – UOB

Further upside could see USD/IDR revisit the 15,400 region in the near term, argues Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

Last Monday (11 Sep, spot at 15,353), we held the view that USD/IDR “is likely to break above last month’s high of 15,359.” We indicated that “The next resistance levels above 15,359 are at 15,375 and 15,400.” Our view for USD/IDR to advance was not wrong, as it rose to a high of 15,385 before pulling back to end the week at 15,350 (+0.17%).

Upward momentum has not improved much, but USD/IDR could test 15,400 before easing. The next resistance at 15,425 is not expected to come into view. On the downside, if USD/IDR breaches 15,320, it would mean that the current upward pressure has faded