The first 3.50 test triggered development from the Bank of Israel, it shows how quickly the zone can be protected and the tables are turned. Intervention is clear, smelling it a mile off here and makes the short-term opportunity towards the highs an attractive option. When the CB like Israels comes out to say that the currency has gone too far and they wont hesitate to step in... you know the swing that follows from that will illustrate the use of fundamentals in particularly striking fashion.
The attack on EM FX raises the stakes; because we have the second iteration of the virus to come in the Southern Hemisphere and another leg lower to track in Global Equities. We can keep an ear to the ground on local Israeli politics, without any surprises a leg back towards the top in the range looks imminent. Will look to dial back below 3.50.
Thanks as usual for keeping the likes, comments, charts, questions and etc coming!
The attack on EM FX raises the stakes; because we have the second iteration of the virus to come in the Southern Hemisphere and another leg lower to track in Global Equities. We can keep an ear to the ground on local Israeli politics, without any surprises a leg back towards the top in the range looks imminent. Will look to dial back below 3.50.
Thanks as usual for keeping the likes, comments, charts, questions and etc coming!
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A quick chart update here... As widely expected signs of a base formation:
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