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Market Strategist Quek Ser Leang at UOB Group favours the continuation of the current consolidation in USD/IDR.

Key Quotes

“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.”

Source: https://www.fxstreet.com/news/usd-idr-no-changes-to-the-side-lined-mood-uob-202303061240