Following the recent price action, USD/IDR could now embark on a consolidative phase, likely between 14,872 and 15,050, suggested FX Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“USD/IDR soared to a high of 15,020 last Wednesday (06 Jul) before easing. The combination of weakening upward momentum and overbought conditions suggest USD/IDR is unlikely to advance much further.”

“For this week, USD/IDR is more likely to trade between 14,872 and 15,050.”