USD/IDR: Downward pressure picks up pace – UOB

Quek Ser Leang at UOB Group’s Global Economics & Markets Research sees USD/IDR extending the downside in the next sessions.

Key Quotes

“We highlighted last Monday (30 Aug, spot at 14,370) that ‘downward momentum is beginning to build but any weakness in USD/IDR is expected to encounter solid support at 14,300’.”

“We did not anticipate the ease by which USD/IDR cracked 14,300 and plummeted to 14,250 on Wednesday (before extending its decline today). Downward momentum has improved further and the risk is still on the downside.”

“A break of 14,178 would not be surprising but the next support at 14,120 is unlikely to come into the picture this week. Resistance is at 14.280 followed by 14,330.”