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Shekel Outperforms Amid Holiday-Thinned Liquidity

ILS

Spot USD/ILS rejected support from its 50-DMA, which signals the importance of this moving average. The rate subsequently trimmed its initial losses and last deals -143 pips at ILS3.6392, but the shekel still sits at the top of the EMEA pile.

  • From a technical standpoint, a clean break below the 50-DMA (ILS3.6215) would give bears a green light for targeting Mar 28 low of ILS3.5287. Conversely, a rebound above Apr 12 high of ILS3.6934 would bring Mar 20 high of ILS3.7130 into play.
  • Local headline flow has been somewhat thinner than normal as Israel observes the Memorial Day. Domestic markets will remain closed tomorrow as the country will celebrate its Independence Day.

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