Market Strategist Quek Ser Leang at UOB Group favours the continuation of the current consolidation in USD/IDR.
UOB quoted, ”Our narrative last week was ‘Further USD/IDR strength is likely but it remains to be seen if the next major resistance at 15,490 is within reach this week’. Our view did not materialize as USD/IDR rose to a high of 15,320 before ending the week at 15,295.”
“The price actions appear to be part of a consolidation phase and USD/IDR is likely to trade sideways between 15,200 and 15,350 this week.”
United Overseas Bank Limited, often known as UOB, is a Singaporean multinational banking corporation headquartered in Singapore, with branches mostly found in most Southeast Asian countries.