Forex Trend Analysis Report
Prepared for you on Saturday, December 2, 2023.
US Dollar/Nigerian Naira (FOREX:USDNGN)
Sidelines Mode (+55) - USDNGN is moving in a sideways pattern and is unable to gain momentum in either direction. Beware of choppy movement and consider a sidelines position until a stronger trend is identified.
Is it time to buy, sell, or avoid USDNGN?
MarketClub looks at technical strength and momentum to determine if the timing is right for USDNGN.
Learn more about the Trade Triangles and how we make technical analysis as easy as buy and sell.
MarketClub’s Trade Triangles for USDNGN
The long-term trend has been UP since Nov 14th, 2023 at 884.50
The intermediate-term trend has been UP since Nov 14th, 2023 at 884.50
The short-term trend has been DOWN since Nov 19th, 2023 at 827.34
Smart Scan Analysis for USDNGN
Based on our trend formula, USDNGN is rated as a +55 on a scale from -100 (Strong Downtrend) to +100 (Strong Uptrend).