Instaforex Nigeria Weekly Technical Forecast for 16th August – 21st August 2020


Starting off with a follow-up, we analyzed this pair one month ago. Specifically, 20th July. Nice to see how that turns out. With the bulls undoubtedly in control and target one within reach, the SL can be tightened a bit, somewhere around 120.155






A double-edged sword here, an ideal entry would be to set-up a buy limit entry around 0.62553 and SL of 0.59438. While we patiently wait, the market has also indicated that the bears might just send the price south nicely with the reversal candles right on the trendline.

Going by this approach would require a SL of 0.68750 and TP of 0.62550.


As we transition into what seems to be the genesis of an uptrend, we’ve already identified key support around 0.6970 jam-packed with Fibonacci clusters for a possible trend continuation.

Patience of course will be very important in this setup.

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