InstaForex Nigeria Weekly Technical Forecast for 13th September – 18th September 2020
A follow-up on the analysis we released on 20th July. We discussed about the ideal safe entry on this pair by giving the market an opportunity to play out.
We’ll be keeping an eye on this as the week progresses with the probable entry tilting towards the bulls. As indicated on the MACD, the overall trend is now a buy signal, a close above 0.96500 would further cement this.
Buy Stop | Po: 0.96500 | SL: 0.93650 | TP1: 0.99216 | TP2: 1.01324
A rather dicey chart we’ve got here. The habitual setup on the channel requires going short however recently, the pair just indicated a change in trend to the upside as seen on the MACD. To filter the noise, we wait for a retest of the support at 1.05443 to buy the deep.
Should the SL get triggered, then the current uptrend signal is deemed a bull trap and the only possible entry would be sell stop order below Support 2
Buy Limit | Po: 1.05443 | SL: 1.02125 | TP1: 1.09745
We’ve created an edge by identifying two key zones critical to market direction on this pair, however with the MACD breaking below Zero, the pair appears to favor the Bears.
For the most likely scenario, subject to the break of 1.74270 support, a sell stop order can be triggered with a juicy reward to risk.
Buy Stop: 1.88800 | SL: 1.79620 | TP: 1.95120
Sell Stop: 1.71500 | SL: 1.79620 | TP: 1.59530
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