USD/ILS may stage further attempts to test the January 2016 high (3.9888) as the Relative Strength Index (RSI) flirts with overbought territory.
USD/ILS Outlook
USD/ILS breaks out of the range bound price action from earlier this month to register a fresh yearly high (3.9842), and the exchange rate may track the positive slope in the 50-Day SMA (3.7899) as long as it holds above the monthly low (3.8046).
At the same time, a move above 70 in the RSI is likely to be accompanied a further advance in USD/ILS like the price action from earlier this year, with a breach above the January 2016 high (3.9888) bringing the April 2015 high (4.0200) on the radar.
Next area of interest comes in around the February 2015 high (4.0700), but failure to defend the monthly low (3.8046) may push USD/ILS back towards the 3.7940 (61.8% Fibonacci extension) area.
USD/ILS Outlook
USD/ILS breaks out of the range bound price action from earlier this month to register a fresh yearly high (3.9842), and the exchange rate may track the positive slope in the 50-Day SMA (3.7899) as long as it holds above the monthly low (3.8046).
At the same time, a move above 70 in the RSI is likely to be accompanied a further advance in USD/ILS like the price action from earlier this year, with a breach above the January 2016 high (3.9888) bringing the April 2015 high (4.0200) on the radar.
Next area of interest comes in around the February 2015 high (4.0700), but failure to defend the monthly low (3.8046) may push USD/ILS back towards the 3.7940 (61.8% Fibonacci extension) area.