USD/IDR: Bias leans towards further upside – UOB

FX Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research notes USD/IDR could still edge higher in the short term.

Key Quotes

“We highlighted last week that USD/IDR ‘has scope to rise above the trend-line resistance at 14,925’. Our expectations did not materialize as it retreated from a high of 14,918. USD/IDR traded on a firm note today and the bias for this week is on the upside.”

“A break of the trendline (currently at 14,910) would not be surprising. For this week, the next resistance at 14,990 is unlikely to come under threat. On the downside, a break of 14,790 would indicate that USD/IDR is not ready to head higher.”