USDILS Stayed Below 3.68 resistance, trading sideways in a low-momentum market, above the 75-period SMA, but Awesome Oscillator formed a double-top pattern, which is a bearish signal.
A Dip below the immediate resistance at 3.62 can trigger the downtrend, targeting 3.60.
AO’s Double Top Pattern Halts USDILS Uptrend
The American currency trades bullish against the Israeli Shekel. However, the uptrend from 3.55 stalled at 3.68 resistance. As of this writing, the currency pair trades at approximately 3.65, pulling away from the 3.68 key resistance area.
Furthermore, the Awesome Oscillator formed a double top pattern, a bearish reversal signal. Additionally, the RSI 14 formed a bearish divergence, backing the AO’s trend reversal signal.
Overall, the technical indicators suggest that while the primary trend is bullish, the USD/ILS trend has the potential to turn bearish.
USDILS Forecast – 26-December-2024
The immediate support is at 3.62. From a technical perspective, the downtrend could extend to lower support levels if bears (sellers) push USD/ILS below 3.62.
If this scenario unfolds, the next bearish target could be 3.60, followed by 3.58.
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The Bullish Scenario
The immediate resistance is at 3.68. From a technical perspective, the uptrend will likely resume if the USD/ILS value exceeds 3.68. In this scenario, the uptrend from 3.55 could extend to 3.70, followed by 3.77.
Support and Resistance Levels
Traders and investors should closely monitor the USD/ILS key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.
| USD/ILS Support and Resistance Levels – 25-December-2024 | |||
|---|---|---|---|
| Support | 3.62 | 3.60 | 3.58 |
| Resistance | 3.68 | 3.70 | 3.77 |