Further gains in USD/IDR could extend to the 14,700 region in the short-term horizon, according to Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“We highlighted last Monday (09 May, spot at 14,545) that ‘rapid increase in upward momentum is likely to lead to a break of the Jul 2021 high of 14,565’. We added, ‘the next resistance is at 14,620’.”

“Our view was not wrong as USD/IDR rose to a high of 14,625 on Friday (13 May) before extending its advance today. Upward momentum remains strong and USD/IDR could advance further to 14,680, possibly 14,700. Support is at 14,600 followed by 14,550.”