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Forex Trend Analysis Report
Prepared for you on Wednesday, May 8, 2024.
Nigerian Naira/South African Rand (FOREX:NGNZAR)
Countertrend Down (-85) - NGNZAR is showing short-term strength. However, look for the longer-term bearish trend to resume. As always, continue to monitor the trend score and set stops.
Is it time to buy, sell, or avoid NGNZAR?
MarketClub looks at technical strength and momentum to determine if the timing is right for NGNZAR.
Learn more about the Trade Triangles and how we make technical analysis as easy as buy and sell.
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MarketClub’s Trade Triangles for NGNZAR
The long-term trend has been DOWN since Oct 23rd, 2023 at 0.02169296
The intermediate-term trend has been DOWN since Apr 28th, 2024 at 0.01430495
The short-term trend has been UP since May 8th, 2024 at 0.01341867
Smart Scan Analysis for NGNZAR
Based on our trend formula, NGNZAR is rated as a -85 on a scale from -100 (Strong Downtrend) to +100 (Strong Uptrend).
| Open | High | Low | Price | Change |
|---|---|---|---|---|
| 0.01340545 | 0.01345248 | 0.01312657 | 0.01318982 | -0.00021600 |
| Prev. Close | Volume | Bid | Ask | Time |
| 0.01340545 | 2024-05-08 16:11:05 |