USD/IDR: A deeper pullback could retest 14,620 – UOB

Market news

15 August 2022

USD/IDR: A deeper pullback could retest 14,620 – UOB

FX Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research suggests USD/IDR could weaken to 14,620 in the near term.

Key Quotes

“The sharp drop in USD/IDR to 14,655 last week came as surprise (we were expecting sideway-trading).”

“While the rapid decline appears to be overdone, the weakness in USD/IDR could extend to 14,620 first before stabilization is likely. Resistance is at 14,760 followed by 14,810.”

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