InstaForex Nigeria Monthly Technical Analysis for July 2020
A descending trendline in conjunction with head and shoulder pattern further reiterates the most probable scenario on the pair. If the price fails to break off the Right Shoulder resistance resting on the trendline on 1.1500 Zone, then 1.0570 Support remain key support.
Sell Limit | Po: 1.500 | SL: 1. 2100 | TP1: 1.0570 | TP2: 0.9718
Synonymous to its counterpart – EURUSD, the pair is also leaning towards the SouthEast part of the chart. The Bears are not done yet here and a break below the 1.2000 Support could further sink the price towards 1.1460.
A Sell on retest of the trendline with 1.2000 and 1.1460 as targets is advised. SL should be above the 1.3850 area.
The pair just completed a deep crab pattern formation which started from 2011 hence, the consolidation. Targets were locked on 0.8895 and 0.9945 and 0.7953 as the Entry.
As much as it appears the Resistance on 0.9945 has been violated, a caution is still advised on this pair
A close below the support 0.6130 establishes that the pair is in a downtrend. We await the test of the resistance at 0.6678 for an opportunity to ride down south.
Sell Limit | Po: 0.6678 | SL: 0.7125 | TP1: 0.6130 | TP2: 0.5750
Way up north on the monthly chart. A counter trend strategy can be deployed on this while bulls are away. A key resistance @ 2160.08 will be very key here.
Sell Limit | Po: 2160.08 | SL: 2461.87 | TP1: 1821.16 | TP2: 1585.85