The US Dollar has strengthened against the Israeli Shekel since mid-March. This upward movement has allowed the rate to move from the bottom boundary of a senior channel up to its upper line and the monthly R1 near 3.6360. The pair changed its sentiment during the previous trading weeks, thus falling down to 3.5770 mid-Monday. It seems that the following trading...
It is possible to be in front of forming a head and shoulders pattern, so I think the price will take a bearish path to form the right shoulder before trying to climb
Buy in purple. Trade structured correctly will offer a 3 - 1 risk reward.
There is a wedge forming for USDILS which indicating that the currency will start on a downtrend in around March 2017. I believe that the currency will go down to around 3.72 which was a previous low in April 2016. We can also see a downtrend showing on the RSI and CCI which further supports the ideology that a downtrend is likely to take place.
Hedge Opportunity! Set a long: Entry: 3.8369 TP: 3.9113 SL: 3.7799 Set a Shot: Entry: 3.8369 TP: 3.7486 SL: 3.8877
Tightening range, tight moving averages, recent usd volatility, you know the drill.