USDIDR could extend its race higher towards 16,300 on a move above 15,810/15,880 – SocGen

USDIDR has experienced a steady uptrend. The pair could reach 16,300 on a break past the 15,810/15,880 resistance zone, economists at Société Générale report.

Important support aligns at 15,070

“USDIDR is inching towards the objective of 15,810/15,880 representing a bearish gap formed in 2020. Achievement of this hurdle is likely to result in a pause, however, signals of a deeper downtrend are not yet visible.”

“July high of 15,070 is expected to be an important support.” 

“If the pair establishes itself beyond 15,810/15,880, the up move could extend towards projections of 16,000 and 16,300.”