Major downtrend is clearly gone, with a breakout. Slow is relatively high, so we may see some kind of pullback and a retest of the red . But this is not the question. The question is when the possible uptrend really starts to gain power. And here comes . First the Kumo cloud should be broken on the topside, but that itself is not enough. Price also have to clear previous major resistence, which is ard 3,52. In that case by August-September USDILS could reach 0,382 level as minimum target.
So we don't yet have a buy trigger, but I think it worths to watch this cross, and maybe start buying some on any dip or correction to 3,46 - 3,47 range. For those who like options, 3M Call @ 3,55 seems really cheap, looking at quite low implied vol . Of course if spot moves a little lower, it can be even cheaper :-).
Since technicals may show a serious possibility of a change in the trend, from now on it will be critical to carefully watch how the Bank of Israel communicates. I don't think they would be worried about a weaker ILS.