USD/IDR: Next on the downside comes 15,350 – UOB

Pablo Piovano FXStreet

USD/IDR could recede to the 15,350 region in the next few weeks, notes Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

Last week, USD/IDR traded in a relatively choppy manner between 15,350 and 15,555 before settling at 15,480 (-0.51%). While downward momentum has not increased much, there is scope for USD/IDR to retest the 15,350 level this week.

The next support at 15,300 is highly unlikely to come under threat. Resistance is at 15,500, followed by 15,535.

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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