USD/IDR could extend the rally further and revisit the 14,925 level in the short-term horizon, suggests X Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“The swift and sharp rebound in USD/IDR last week came as a surprise (we were of the view that the weakness in USD/IDR could extend to 14,620 first before stabilization is likely).”

“The rapid rebound has scope to rise above the trend-line resistance at 14,925. While daily MACD is turning positive, overbought shorter-term conditions suggest the next resistance at 14,990 is unlikely to come under threat. Support is at 14,820 followed by 14,750.”