USD/IDR is still seen advancing further in the near term, comments Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

Last week, we expected USD/IDR to trade with an upward bias towards 15,160. We indicated that “The next resistance at 15,219 is highly unlikely to come under threat.” In line with our expectations, USD/IDR rose but did not threaten the 15,219 (high was 15,208). After the advance, upward momentum has improved, albeit not much.

This week, USD/IDR could consolidate for a few days first before breaking above 15,219. The next major resistance at 15,270 is likely out of reach for now. Support is at 15,120, followed by 15,010.