USD/ILS Analysis Today 16/10: Storm Lingers Endlessly -Chart
Date
10/16/2024 11:36:40 AM
(MENAFN- Daily Forex) The USD/ILS is near the 3.76500 ratio as of this writing depending on the bids and asks being offered by brokers.
The sideways price action of the USD/ILS has been a feature for traders, this has occurred as the conflict in the Middle East shows no signs of letting up, economic data from Israel remains lackluster to poor, and holiday trading volumes from Israeli institutions remains light.
However, while concerns are a daily feature of USD/ILS trading, the currency pair has produced a rather remarkable sideways path. The high for the USD/ILS on Thursday of last week was around the 3.77930 mark, a low of 3.73350 was momentarily highlighted early yesterday. However the USD/ILS has consistently been tight and via a one week technical chart it looks to be a rather effective magnet for quick hitting bets.
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Speculators of the USD/ILS likely know holiday trading from Israel is causing light volumes and this will continue today and tomorrow. On Friday most Israeli financial institutions are closed. So a reaction to U.S economic data tomorrow via the Retail Sales and weekly Unemployment Claims may be rather muted. It is possible near-term trading may see the largest reaction on early Monday of next week. But due to the light volume from Israel institutions near-term, traders of the USD/ILS could see some rather odd spikes later today and tomorrow.
The range of 3.73400 to 3.78000 has been persistent since last week and this may continue the next few days. However, it should be noted that economic shadows continue to cast a negative light on the value of the Israeli Shekel for the moment. Growth has stalled in Israel and forecasts have been revised downwards regarding GDP for the coming year on Highs and Lows While Aiming for Quick Reversals
Day traders of the USD/ILS need to remain careful. The rather tight range which has been seen may be attractive for quick hitting bets looking for reversals. But due to the lighter than normal volumes which will no doubt only get smaller in the coming hours and into tomorrow, traders will need to be braced for outcomes which do not see much movement and then are suddenly punctuated by possible spikes because of imbalances.
Friday's trading may see effects from U.S economic data after the Retail Sales on Thursday and Housing numbers before going into the weekend.
Support levels may prove to be the most attractive place to wager on reversals for the USD/ILS over the near-term while looking for higher movements that can be cashed out using take profit orders.
USD/ILS Short Term Outlook
Current Resistance: 3.76750 Current Support: 3.76200 High Target: 3.78100 Low Target: 3.73900
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