USD/ILS Analysis Today - 25/09: Day Trading Risks (Chart)
Date
9/25/2024 3:08:11 PM
(MENAFN- Daily Forex) The USD/ILS has traded lower this morning and been able to sustain depths produced yesterday, this as the conflict in the Middle East escalates and speculative perspective are being confronted by a lack of clarity.
Proving that Forex dynamics are complicated, the USD/ILS currency pair can be held up as a prime example for all. The currency pair as of this writing is near the 3.75800 mark, however retail traders need to keep in mind that wide bids and asks are being displayed on Forex platforms. The Middle East conflict has escalated once again this morning as rocket fire from the Hezbollah, which is mostly based in Lebanon, has hit the central part of Israel. And yet, perhaps to the surprise of many day traders the USD/ILS has actually seen selling develop early today.
While nervous sentiment is certainly part of financial institutions dealing in the Israeli Shekel, it is clear that the currency pair is also able to maintain a rather correlated script according to USD centric perspectives. No, the USD/ILS has certainly not shown an ability to sustain a bearish trend lower like many other major currency pairs teamed versus the USD over the past couple of months. However, resistance continues to be produced rather steadily around the 3.78000 to 3.80000 realms.
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Bias should not get in the way of Forex trading, the USD/ILS must be looked at with clear perspectives free from emotional sentiment. The currency pair has certainly traversed the higher realms of its values over the mid-term, but it has also shown the capability to reverse lower. It appears tensions between Israel and the Hezbollah will remain loud over the coming days, but traders need to understand financial institutions dealing with the USD/ILS are unfortunately used to considerations which include war. Support levels do look intriguing because of the prospect of continued conflict.
While many day traders will certainly stay away from the USD/ILS because it is viewed as potentially too volatile, the currency pair does offer some rather intriguing reversal wagers per its support and resistance which has proven rather consistent over the mid-term. However, traders who do venture into the USD/ILS do need constant risk management to guard against the potential of sudden spikes. Entry price orders are needed to protect against unwanted fills Volume and Dynamic Sudden News Developments
Traders need to understand the USD/ILS transactions are relatively thin in Forex compared to the top currency pairs. The combination of potential sudden news developments certainly creates the prospect for volatile trading in the USD/ILS.
The ability of the currency pair to traverse lower yesterday and also today may make contemplation of buying at support levels attractive for short-term wagers. Speculators should be careful trading the USD/ILS, it is not for the weak of heart, but its rather consistent price range does make it appealing for those that like to wager.
USD/ILS Short Term Outlook:
Current Resistance: 3.75860
Current Support: 3.75690
High Target: 3.79100
Low Target: 3.74900
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