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Forex Trend Analysis Report

Prepared for you on Tuesday, December 10, 2024.

US Dollar/Nigerian Naira (FOREX:USDNGN)

Strong Downtrend (-100) - USDNGN is in a strong downtrend that is likely to continue. With short-term, intermediate, and long-term bearish momentum, USDNGN continues to fall. Traders should use caution and set stops.

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.

FOREX_USDNGN
Open High Low USDNGN Price Change
1570.45 1574.80 1570.44 1574.79 +4.34
Entry Signal

MarketClub’s Trade Triangles for USDNGN

long term down The long-term trend has been DOWN since Dec 6th, 2024 at 1589.11

intermediate term down The intermediate-term trend has been DOWN since Dec 4th, 2024 at 1635.00

short term down The short-term trend has been DOWN since Nov 29th, 2024 at 1682.89

Smart Scan Analysis for USDNGN

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

-100
Smart Scan Analysis for USDNGN
Strong Downtrend Sideways Strong Uptrend
Open High Low Price Change
1570.45 1574.80 1570.44 1574.79 +4.34
Prev. Close Volume Bid Ask Time
1570.45 2024-12-09 20:41:59
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