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Forex Trend Analysis Report

Prepared for you on Wednesday, July 17, 2024.

Nigerian Naira/US Dollar (FOREX:NGNUSD)

Long-Term Downtrend (-90) - NGNUSD is in a strong downtrend that is likely to continue. While NGNUSD is showing intraday strength, it remains in the confines of a bearish trend. Traders should use caution and set stops.

Is it time to buy, sell, or avoid NGNUSD?

MarketClub looks at technical strength and momentum to determine if the timing is right for NGNUSD.

Learn more about the Trade Triangles and how we make technical analysis as easy as buy and sell.

FOREX_NGNUSD
Open High Low NGNUSD Price Change
0.00061158 0.00061158 0.00061153 0.00061153 0.00000000
Entry Signal

MarketClub’s Trade Triangles for NGNUSD

long term down The long-term trend has been DOWN since Jul 14th, 2022 at 0.00238186

intermediate term down The intermediate-term trend has been DOWN since Jun 6th, 2024 at 0.00065641

short term down The short-term trend has been DOWN since Jul 4th, 2024 at 0.00064266

Smart Scan Analysis for NGNUSD

Based on our trend formula, NGNUSD is rated as a -90 on a scale from -100 (Strong Downtrend) to +100 (Strong Uptrend).

-90
Smart Scan Analysis for NGNUSD
Strong Downtrend Sideways Strong Uptrend
Open High Low Price Change
0.00061158 0.00061158 0.00061153 0.00061153 0.00000000
Prev. Close Volume Bid Ask Time
0.00061158 2024-07-16 21:04:19
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