InstaForex Nigeria Weekly Technical Forecast for 19th July – 24th July 2020
The Bulls have the momentum as the market continues to advance north for the past 4 weeks. While the move is expected halt at least momentarily around 1.1574, we can hop in upon retest of 1.1400 with SL below 1.3050
Buy Limit | Po: 1.1400 | SL: 1. 1210 | TP1: 1.1574 | TP2: 1.1733
The overall weekly Support Line at 1.2000 was broken on 16th March 2020 which provides a sentiment that the bears have the upper hand. However we shouldn’t be myopic of triangle pattern slowly taking shape. As much I still favor a short position, we still have to let the market decide
We’re currently a witnessing change in trend on this pair. The market has clearly broken of the trendline and further affirmed its desire by retesting and still heading long. A caution is expected here as the Bull don’t have the supremacy yet.
Buy Stop | Po: 124.775 | SL: 118.400 | TP1: 129.100 | TP2: 133.800
As much as I don’t trade weekly timeframe, this is one interesting chart I’ve got on my radar. The move originated from 0.8390 around 16/03/20 with TP1&2 slated for 0.8816 and 0.9292. Usually after this harmonic completion the market surfers hangover…much like exhaustion. It goes nowhere until a stimulant (usually The Big Banks) brings it back to life. However in the case of this pair, it keeps advancing towards 0.9622 Resistance which is rather fascinating.
Either of these limits will be triggered and often, that’s the direction of the trend.
Similar setup exist on AUDJPY