USDILS Analysis: Range Displays Resilience for Speculative Wagers (13 JUNE 2024)

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  • The USD/ILS as of this morning is around the 3.68925 mark which is solidly below highs seen earlier this week near the 3.76420 mark on Monday.
  • The ability of the USD/ILS to selloff upon the weaker than expected U.S inflation numbers yesterday moved in step with other major currencies teamed against the USD and possibly sets the tone for the lower price now being traded to hold.

Even as Israel continues to battle against Hamas and Hezbollah the USD/ILS has remained rather stable. The high produced last Friday near the 3.76690 area was met with some selling. Even as the Israel government coalition is showing vulnerability, the USD/ILS has been able to stay rather range bound. Yes, the higher values last week did break resistance levels and touched values last seen on the 1st of May, but they did not go upwards and towards higher ratios seen in the last week of April.

USD/ILS Correlations to Broad Market

The ability of the USD/ILS to move lower on the U.S CPI inflation data and then be able to sustain lower depths in the wake of the U.S Federal Reserve saying it considers one interest rate cut later this year as a likely scenario is a solid signal for the Israeli Shekel. Speculators now will start to contemplate where support levels are and wonder how much more downside can be accomplished in the USD/ILSD before equilibrium is found by financial institutions.

Yes, the USD/ILS will still be vulnerable to the potential of news developments turning sour regarding the ongoing war Israel is fighting, but financial institutions appear to be relatively calm. Economic data from Israel also remains troubling, but the economy while having been significantly hurt does manage to operate with transparency. The low seen in the USD/ILS yesterday touched marks seen on the 4th of June.

Support and Resistance and Quick Hitting Wagers in the USD/ILS

The low of 3.68000 which came into sight yesterday did spark some buying, but the move higher was not volatile. The USD/ILS did trade lower in early June, but the support ratios of 3.67000 to 3.65000 appear to still be strong. Because of the Federal Reserve’s FOMC Statement last night which continued to sound cautiously optimistic regarding interest rate cuts, financial institutions now know what to expect over the mid-term meaning equilibrium may become rather range bound and an opportunity for day traders to wager.

  • However, traders of the USD/ILS should not get overly ambitious and remain cautious while using take profit and stop loss orders as risk taking tools.
  • A range between 3.67500 and 3.69500 over the short and near-term may get technical consideration.

USD/ILS Short Term Outlook:

Current Resistance: 3.68980

Current Support: 3.68400

High Target: 3.70100

Low Target: 3.67300

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