FxNews – The U.S. Dollar erased losses against the Israeli Shekel. In yesterday’s trading session, the pair returned above EMA 50 but failed to surpass the %23 Fibonacci resistance level, the 3.625 mark. The advancement in the U.S. Dollar was mainly due to the weakening of the Shekel after the Israeli military cabinet rejected the ceasefire agreement in the war against the militia group Hamas.
The daily chart above shows that the USDILS trades at about 3.6 in today’s trading session, slightly below yesterday’s close. But despite yesterday’s high volatility and uncertainty in the market, the buyers are stabilizing the price above the Ichimoku cloud. This is good for investors and retail traders because bidding in a high-volatility market comes with a greater risk.
Considering the bullish signals from the USDILS daily chart, we zoom into the 4-hour chart to mark the key levels and find potential trading opportunities.
The 4-Hour Chart Technical Analysis
The 4-hour chart vividly shows the bulls breaking out from the descending trendline in yellow. Currently, the price has dipped to test the broken resistance level of 3.58. The technical indicators give mixed signals, with the awesome oscillator bars in red and the RSI hovering above the signal line.
Given that the price is above EMA 50, we can consider the bull market stronger than the bear market. Therefore, analysts at FxNews recommend seeking a decent bid to join the bull market. We hope the forecast below provides valuable information so you can make an informed decision.
USDILS Forecast – Bulls Eye $3.6 After EMA 50 Break
From a technical standpoint, the market flipped from bullish to bearish after it crossed above EMA 50. As long as the USDILS currency pair ranges above EMA 50 and 3.58 support, the primary trend remains uptrend, and the price will likely rise to the March 27 high, the 3.66 mark.
The Bearish Scenario
Conversely, the EMA 50 is pivotal in this USD/ILS technical analysis. The bull market should be invalidated if the U.S. Dollar dips below 3.58 support against the Israel Shekel. In this scenario, the decline that began at 3.711 will likely expand to March’s all-time low, 3.522. The 3.58 resistance zone is highlighted in grey in the 4-hour chart above.
- Next read: USDILS Forecast – Prevailing Bearish Trend
USDILS Key Support and Resistance Levels
- Support: 3.5853, 3.5228
- Resistance: 3.625, 3.661, 3.711