Instaforex Nigeria Weekly Technical Forecast for 20th September – 25th September 2020


A dead bearish chart. A false breakout about one month ago triggered a wrong impression however this was quickly corrected by the bears and filtered out by MACD.


The market remains downtrend and “the trend is your friend” they say.

Sell | Po: 1.28490 | SL: 1.35613 | TP1: 1.21866 | TP2: 1.12324



We identified this late July. On the basics, upon the retest of the resistance a minimum retracement of 38.2 is expected. As the market sits close to 113.280 support, we’ve got a confluence of Fibonacci retracement, extension and projection alongside Andrew pitchfork and MACD well above Zero line…a buy sentiment!


We envisage the pair will pull down to this potential reversal zone and continue north-east.

Buy Limit | Po: 113.286 | SL: 110.690 | TP: 116.642 | TP2: 121.476


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