USD/IDR: A sustainable drop below 14,095 seems out of favour – UOB

In view of Markets Strategist at UOB Group Quek Ser Leang, a sustainable breakdown of 14,095 in USD/IDR seems unlikely for the time being.

Key Quotes

“We did not anticipate the sharp drop in USD/IDR to a low of 15,130 (we were expecting USD/IDR to consolidate).”

“The sharp and rapid drop has room to extend but in view of the deeply oversold conditions, a sustained drop below the major support at 14,095 is unlikely. Resistance is at 15,250, followed by 15,300.”