InstaForex Nigeria Weekly Technical Forecast for 23rd August – 28th August 2020
After USDCAD had shared in the dollar slippage and fell to a seven month low at 1.3192 on Thursday, the pair failed to break the long term support…a sign of diminishing sales. The verdict remains uptrend as we envisage reaction from the bulls in the coming week.
Po: 1.3070 | SL: 1.2520 | TP1: 1.3615 | TP2: 1.4265
The pair remains bullish even after the plummet of the initial break-out. A further rise to 1.69067 channel resistance could send the price even deeper towards 1.58300… an opportunity for a new rally. An alternative would be to lookout for another breakout outside channel.
Po: 1.5830 | SL: 1.4850 | TP1: 1.6900 | TP2: 1.7848
With an imminent downpour expected in Pound soonest, the pair lounges below resistance line with indication of a further move into the support trendline which had previously held thrice.
Po: 2.0208 | SL: 2.1088 | TP1: 1.9041 | TP2: 1.7555
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