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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.

FOREX_USDNGN
Open High Low USDNGN Price Change
408.69 408.69 380.50 380.50 -28.19
Entry Signal

MarketClub’s Trade Triangles for USDNGN

long term up The long-term trend has been UP since Dec 15th, 2020 at 388.59642

intermediate term up The intermediate-term trend has been UP since Apr 18th, 2021 at 410.00212

short term down 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).

+55
Smart Scan Analysis for USDNGN
Strong Downtrend Sideways Strong Uptrend
Open High Low Price Change
408.69 408.69 380.50 380.50 -28.19
Prev. Close Volume Bid Ask Time
408.69 2021-05-07 13:07:04
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