InstaForex Nigeria Weekly Technical Forecast for 28th June – 3rd July 2020
The pair is currently downtrend on the overall with a retest of 1.400 resistant within sight.
Sell Limit | Po: 1.400 | SL: 1. 950 | TP1: 1.0600 | TP2: 0.9635
The bears are currently in charge of a descending triangle channel which is evidently broken around 1.1500 zone – an indication that the downtrend is imminent. A mini resistance at 1.2610 further establish the downpour has already began. However, we can still participate in two ways.
First instance would be to wait for a (not so likely) pullback into 1.2500 zone, just to minimize (risk) which is above 1.3650.
The alternative approach would be to place a Sell Stop below 1.1800 as indicated below
Sell Limit | Po: 1.2540 | SL: 1. 3650 | TP1: 1.0849 | TP2: 1.9840
Sell Stop | Po: 1.1880 | SL: 1. 2890 | TP1: 1.0849 | TP2: 1.9840
A rather choppy market trading in a bear pennant. Until the market decides, the swing can go either way.
Got my eyes on this one for a while. The bulls are holding it up quite well. The market has currently retraced upon the violation of 1.3590 and its currently sitting on it as a support. A rather uptrend on the overall.
Buy Limit | Po: 1.3590 | SL: 1.2860 | TP1: 1.4360 | TP2: 1.4850
Pure price patterns at play here. When a low is broken, the market retraces. The downtrend is expected anytime soon.Sell Limit | Po: 0.7130 | SL: 0.7734 | TP1: 0.6478 | TP2: 0.6023
Gold is currently surging up north blasting through resistances. However, placing a limit order is not a bad idea. An opportunity to step in when the bulls are all gone. It appears a long term but I’d rather wait than force a trade.
Sell Limit | Po: 2153.50 | SL: 2520.00 | TP1: 1817.90 | TP2: 1585.00