USD/IDR sticks to the side-lined theme for now – UOB

Quek Ser Leang at UOB Group’s Global Economics & Markets Research noted that USD/IDR is expected to trade within the 14,190-14,300 range for the time being.

Key Quotes

“We highlighted last Monday (06 Sep, spot at 14,225) that ‘downward momentum has improved further and the risk is still on the downside’. We added, ‘a break of 14,178 would not be surprising but the next support at 14,120 is unlikely to come into the picture’.”

“While USD/IDR subsequently broke 14,178, it rebounded strongly from a low of 14,170. Downward momentum has waned considerably with the strong rebound and the 14,170 low is unlikely to come under threat. For this week, USD/IDR is expected to trade sideways between 14,190 and 14,300.”