Forex Trend Analysis Report
Prepared for you on Saturday, October 23, 2021.
US Dollar/Nigerian Naira (FOREX:USDNGN)
Sidelines Mode (-50) - USDNGN is failing to move into a strong trend and is encountering choppy trading conditions. Be cautious and consider taking a sidelines position until USDNGN can gain momentum.
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 Dec 15th, 2020 at 388.59642
The intermediate-term trend has been DOWN since Sep 28th, 2021 at 409.29760
The short-term trend has been DOWN since Oct 21st, 2021 at 410.82000
Smart Scan Analysis for USDNGN
Based on our trend formula, USDNGN is rated as a -50 on a scale from -100 (Strong Downtrend) to +100 (Strong Uptrend).