InstaForex Nigeria Monthly Technical Analysis for August 2020


Just like the weekly time frame, the market remains up trend. With a pure structure trading, we stand a chance to buy the deep if market retraces to the support region around 1.11853 level.

Buy Limit | Po: 1.11853 | SL: 1.05015 | TP1: 1.18225 | TP2: 1.23364



The bears have the upper hand on the overall. The downward trendline has been tested thrice and has held thus far giving us an opportunity to go short. The SL would be above the previous structure high, specifically around 1.46300 zone and TP1 at the base of the triangle around 1.21655. Happy Trading.



On the contrary, this sis rather an uptrend. A retest of the support @ 1.30600 would be an Ideal entry go long with stop Loss valued @ 1.2670. A break of the upward trendline would ultimately invalidate this setup.

Buy Limit | Po: 30600 | SL: 1.26700 | TP1: 1.36650 | TP2: 1.43595



We envisage a push down south on this one as the market lingers around a major resistance.

Sell | Po: 0.66447 | SL: 0.71400 | TP1: 0.62520 | TP2: 0.56880 | TP3: 0.51820


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