USD/IDR: A convincing break above 15,245 is not favoured – UOB

Extra gains in USD/IDR look likely, although a sustained advance beyond 15,245 seems off the table suggests UOB Group’s Market Strategist Quek Ser Leang.

Key Quotes

“Our expectations for USD/IDR to ‘advance further’ last week did not materialize as it traded in a relatively narrow range of 15,139/15,225. The underlying tone still appears to be a tad firm and USD/IDR is likely to edge higher to 15,245.”

“Barring a sudden surge in momentum, a sustained rise above 15,245 is unlikely (next resistance is at 15,270). Support is at 15,130, followed by 15,000.”