USD/ILS 1H Chart: Wedge continues to restrict pair
The prevailing pattern for the USD/ILS exchange rate is a six-week falling wedge. The rate entered this pattern from the downside on April 24. It has since provided two confirmations on each side and is gradually moving towards a breakout.
The bottom boundary of this pattern is reinforced by SMAs on the 4H and 1D time-frames. Thus, it is likely that the Greenback is pressured higher this week. The nearest upside target is the upper wedge line at 3.59. The strength of this area could push the rate back lower until a southern breakout occurs.
In case the 3.59 area surrenders, the US Dollar is expected to target the monthly R1 and its one-year high at 3.64.
The bottom boundary of this pattern is reinforced by SMAs on the 4H and 1D time-frames. Thus, it is likely that the Greenback is pressured higher this week. The nearest upside target is the upper wedge line at 3.59. The strength of this area could push the rate back lower until a southern breakout occurs.
In case the 3.59 area surrenders, the US Dollar is expected to target the monthly R1 and its one-year high at 3.64.
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