Extra losses in USD/IDR should meet tough contention around 14,440 for the time being, notes Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

“USD/IDR dropped to a low of 14,620 last week. Downward momentum is building and USD/IDR is likely to weaken further.”

“However, oversold conditions suggest any decline is likely to be at a slower pace and is unlikely to break the major support at 14,440. Resistance is at 14,790; a breach of 14,880 would indicate that the weakness in USD/IDR has stabilized.”