Forex Trend Analysis Report
Prepared for you on Thursday, December 7, 2023.
Nigerian Naira/South African Rand (FOREX:NGNZAR)
Bear Market Rally (-75) - NGNZAR is showing some rallying power, but still remains in the confines of a long-term downtrend. Keep an eye on NGNZAR as it may be in the beginning of a reversal.
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.
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 Nov 14th, 2023 at 0.02139191
The short-term trend has been DOWN since Dec 4th, 2023 at 0.02352839
Smart Scan Analysis for NGNZAR
Based on our trend formula, NGNZAR is rated as a -80 on a scale from -100 (Strong Downtrend) to +100 (Strong Uptrend).