USD/ILS may fall 337 - 453 pips

Our pivot point is at 3.7748.

Our preference

The downside prevails as long as 3.7748 is resistance.

Alternative scenario

Above 3.7748, look for 3.7943 and 3.8060.

Comment

The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 3.7738 and 3.7726). Finally, the USD/ILS is trading below its lower Bollinger band (standing at 3.7525).

Supports and resistances

3.8060 **

3.7943 *

3.7748 **

3.7671

3.7449 last

3.7112

3.6996 **

3.6880 *

3.6765 **

Number of asterisks represents the strength of support and resistance levels.