Other USD / INR pair is likely to have more gains ahead, hitting the stiff barrier at 14,280, according to Quek Ser Leang of Global Economics & Markets Research at UOB Group.
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“We highlighted last Monday (October 25, price at 14,180) that ‘there is room for the rebound to extend, but a break from the solid resistance at 14,250 (a declining trend that is near the 55-day exponential moving average ) would be a surprise. ” Our opinion was not wrong as USD / IDR rose to 14,205 last Thursday (Oct 28). However, USD / IDR spiked earlier today and pulled resistance to the declining trend line and is currently hovering around the moving average. “
“Momentum to the upside has improved and the USD / IDR could strengthen this week. That said, shorter-term conditions suggest that any advance is likely to be limited to a test of 14,280.”
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