USD/IDR could extend the upside above 14,405 – UOB

In opinion of Quek Ser Leang at UOB Group’s Global Economics & Markets Research, USD/IDR could edge higher and surpass the 14,405 level.

Key Quotes

“At the time of writing, USD/IDR appears poised to break clearly above the major resistance at 14,405 (declining trend-line resistance). A clear break of this level is likely to lead to further USD/IDR strength.”

“The next resistance level of note is at Dec’s high of 14,448. Support is at 14,345 but only a break of 14,325 would indicate that the current upward pressure has eased.”