USD/IDR: Door open to extra upside – UOB

Pablo Piovano FXStreet

Further gains appear likely in the short-term horizon for USD/IDR, comment Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

USD/IDR broke above 15,219 last week. The breach of the strong resistance level led to a strong advance to 15,359. The price actions suggest further USD/IDR strength this week.

In view of the overbought short-term conditions, March’s peak near 15,475 is likely out of reach for now (there is another resistance at 15,400). Support is at 15,275, but only a breach of 15,235 would indicate that USD/IDR is not strengthening further.

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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