- USD/IDR faces a tough contention zone around 15,320 – UOB
Market news
20 November 2023
USD/IDR faces a tough contention zone around 15,320 – UOB
The continuation of the downward bias could drag USD/IDR to the strong support around 15,320 in the near term, according to Markets Strategist Quek Ser Leang at UOB Group.
Key Quotes
We did not anticipate the sharp drop in USD/IDR last week (we were expecting it to rebound further). USD/IDR continues to drop today, and the risk for this week is still on the downside. That said, it remains to be seen if USD/IDR can break clearly below the major support at 15,320.
Looking ahead, if USD/IDR breaks clearly below this level, the focus will shift to 15,220. The downside risk is intact as long as USD/IDR stays below 15,590 (minor resistance is at 15,510).
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