Further downside in USD/IDR should meet firm contention around 14,830, according to Market Strategist Quek Ser Leang at UOB Group.

Key Quotes

“We highlighted last Monday (03 Apr, spot at 14,995) that ‘while conditions remain oversold, the weakness in USD/IDR has not stabilized’. We added, ‘barring a break above 15,230, USD/IDR could drop to 14,925 before stabilization is likely’. The anticipated USD/IDR weakness exceeded our expectations as it plummeted to 14,875 before closing on a soft note at 14,910 (-0.53%).”

“The weakness has yet to stabilize and USD/IDR could weaken further. However, February’s low of 14,830 is likely out of reach this week. Resistance is at 14,965; a break of 15,005 would indicate that the weakness has stabilized.”