USD/ILS 1H Chart: Bulls could prevail - Trade Pattern Ideas - Dukascopy Bank

Tue, 05 Nov 2019 09:10:54 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)SellBuySell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)BuyNeutralNeutral
Alligator(13;8;5)SellBuySell
SAR(0.02;0.2)SellSellSell
Aggregate

The US Dollar has been appreciating against the Israeli Shekel since the beginning of October when the USD/ILS currency pair reversed north from the lower boundary of the long-term ascending channel (4H time-frame chart).

From a theoretical point of view, it is likely that some upside potential could prevail in the market, as the exchange rate should reach the upper channel line located circa 3.5600/3.5700. In this case the rate would have to surpass the resistance level formed by the Fibo 50.00% at 3.5565.

However, note that the currency pair is pressured by the 55-, 100- and 200-hour moving averages. Therefore, the possible advance might not be immediate, and the pair could re-test the lower channel line.


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