FxNews—The U.S. dollar is in a strong bear market against the Israeli shekel, below the 50-period simple moving average and inside the bearish flag.
As of this writing, USD/ILS trades at approximately 3.60, resuming its bearish trajectory.
USDILS Technical Analysis
As for the technical indicators, the RSI 14 has been hinting at a bullish divergence since late November, which caused the downtrend to lose momentum for a few sessions but remained valid.
From a technical perspective, the USD/ILS trend outlook is bearish, with prices below the 3.66 mark. In this scenario, the downtrend will likely extend to 3.58, the July 12 low.
Bullish Scenario
The primary trend is bearish, below 3.66. However, a new consolidation phase will likely form if USD/ILS closes and stabilizes above the immediate resistance at 3.62.
If this scenario unfolds, the USD/ILS bulls (buyers) could target the critical resistance at $3.66.
