USD/IDR: Still scope for further improvement – UOB

Market news

7 August 2023

USD/IDR: Still scope for further improvement – UOB

USD/IDR is still seen advancing further in the near term, comments Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

Last week, we expected USD/IDR to trade with an upward bias towards 15,160. We indicated that “The next resistance at 15,219 is highly unlikely to come under threat.” In line with our expectations, USD/IDR rose but did not threaten the 15,219 (high was 15,208). After the advance, upward momentum has improved, albeit not much.

This week, USD/IDR could consolidate for a few days first before breaking above 15,219. The next major resistance at 15,270 is likely out of reach for now. Support is at 15,120, followed by 15,010.

Limited room for the GBP to weaken much further from here – HSBC

EUR/JPY Price Analysis: Bulls continue to target 158.00

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