The continuation of the downward bias could drag on USD/IDR to strong support around 15,320 in the near term, according to UOB Group Markets Strategist Quek Ser Leang.
We did not anticipate the sharp decline of USD/IDR last week (we expected its further rebound). USD/IDR continues to decline today and the risk for this week is still to the downside. This means it remains to be seen whether USD/IDR can break clear below the major support at 15,320.
Looking ahead, if USD/IDR clearly breaks below this level, focus will shift to 15,220. Downside risk is intact as long as USD/IDR remains below 15,590 (minimum resistance is at 15,510).