Nov 21, 2024 (MENAFN via COMTEX) --
(MENAFN - Daily Forex) The USD/ILS has maintained a tight range the past handful of days and this morning's price action is within the middle of its one week and one month realms.
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Traders of the USD/ILS may be starting to miss the aura of adrenaline that has punctured the currency pair over the past year. The consolidated range of the USD/ILS is beginning to feel quite technical as the 3.72000 to 3.75000 levels influence most of the speculative wagering. However, there are outliers happening in the USD/ILS so traders must remain on guard for the occasional bursts higher and lower.
The Middle East conflict is not over, but Israel is in a stronger position now then it has been in quite a while. Yesterday's economic data from Israel showed the nation achieved better GDP than expected. However, domestic government leadership issues remain a concern and likely have the ability to shift behavioral sentiment momentarily in financial institutions depending on the amount of noise being generated/ILS and Tight Price Realms for Speculation
Yet, the USD/ILS has produced a very calm trading range which can seemingly be taken advantage of by technical traders who have perspectives on support and resistance levels for risk taking. The ability to remain calmly within a tight price range the past months and show a middling value technically points out perhaps that the USD/ILS may be in overbought territory still. However, timing the moment a sustained bearish trend is going to occur remains speculative.
The Israeli Shekel has sustained its value since the last week of September. This doesn't correlate to the broad Forex market as many major currencies have lost value against the USD. This likely shows the USD/ILS has been in overbought due to the worries about the Middle East conflict. If technical support starts to be challenged and penetrated with some additional impetus, it is rather intriguing to believe the USD/ILS may move lower and retest the 3.70000 to 3.65000 realms. But this may not happen in the near-term and may prove to have a longer duration to attain Considerations and USD/ILS Outlook
Speculators should not get overly ambitious with the USD/ILS while looking for downside momentum quite yet. Additional impetus may be needed like a U.S Federal Reserve interest rate cut in December. Even if that does not happen, it appears the stability via a more optimistic viewpoint for Israel regarding the outlook of the Middle East conflict may help the Israeli Shekel.
Looking for quick hitting lower moves when resistance is challenged above could remain an element for speculative endeavors. Risk management should be used at all times to guard against sudden spikes in the USD/ILS, this because surprises via loud news is always possible.
USD/ILS Short Term Outlook:
Current Resistance: 3.74940
Current Support: 3.74470
High Target: 3.75450
Low Target: 3.72100
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COMTEX_460028462/2604/2024-11-21T04:04:14
