In the opinion of Markets Strategist Quek Ser Leang at UOB Group, USD/IDR could extend the advance past the 15,000 mark in the short-term horizon.

Key Quotes

“Last Monday (22 May, spot at 14,890), we indicated that ‘as long as USD/IDR stays above 14,750, there is a chance for USD/IDR to rise further even though it might not be able to break clearly above the resistance at 14,980’. In line with our expectations, USD/IDR rose but did not break 14,980 (high has been 14,969).”

“Upward momentum has improved, and this week, USD/IDR is not only likely to break above 14,980, but also 15,000. However, the next resistance at 15,060 could be just out of reach. Support is at 14,920, followed by 14,880.”