Forex Trend Analysis Report
Prepared for you on Friday, May 7, 2021.
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 Dec 15th, 2020 at 388.59642
The intermediate-term trend has been UP since Apr 18th, 2021 at 410.00212
The short-term trend has been DOWN since Apr 19th, 2021 at 380.50000
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).