USD/IDR: Further weakness in the pipeline – UOB
There seems to be room for extra decline in USD/IDR in the short-term horizon, notes Markets Strategist Quek Ser Leang at UOB.
Key Quotes
We highlighted last Monday (30 Oct 2023, spot at 15,920) that “the rally over the past few weeks is severely overbought.” We also highlighted that “further USD/IDR strength is not ruled out, but in view of the overbought conditions, the pace of any advance is likely to be slower, and USD/IDR may find the major resistance at 16,000 difficult to break.” Instead of strengthening further, USD/IDR turned around and plunged to a low of 15,720.
In Asian trade today, USD/IDR weakened further. While severely oversold, the weakness in USD/IDR could extend to 15,450, possibly 15,360. In order to keep the momentum going, USD/IDR must stay below 15,720.
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