According to Markets Strategist Quek Ser Leang at UOB Group, USD/IDR could extend the upside bias further in the short-term horizon.
Key Quotes
“We highlighted last Monday (07 Feb, spot at src5,src25) that ‘There is room for USD/IDR to rise to src5,src90’. We added, ‘In view of the overbought short-term conditions, a sustained rise above this level is unlikely this week’. USD/IDR subsequently rose to src5,src46, closed at src5,src30 before surging above src5,src90 in Asian trade today.”
“The price actions suggest USD/IDR is likely to advance further this week. Resistance levels are at src5,270, followed by a major level at src5,350. On the downside, support is at src5,src30, a break of src5,050 would indicate that USD/IDR is not advancing further.”
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