Instaforex Nigeria weekly technical Forecast for 9th August introduces you to the weekly & monthly Forex analytics from forex experts.
The market presents to us a change in trend upon the inability to break the 105.540 Support and setting Higher-high afterwards. A further break of 114.280 Resistance also depicts the bulls are currently in control.
But how do we participate? As a fact, when a market breaks a new high it retraces within the minimum of 38.2 Fibonacci. On that note, within the range of 112.776 – 113.500 the market is expected resume uptrend.
Buy Limit | Po: 113.248 | SL: 111.085 | TP1: 116.777 | TP2: 121.160
It has been an evident downpour on the weekly chart since 2019. While we currently face a retest of the resistance around 1.08500 we also have a presence of a descending pennant and Fibonacci cluster of 0.3821 and 0.618.
Sell Limit | Po: 1.08500 | SL: 1.10400 | TP1: 106500 | TP2: 1.05000
A quick follow. We discussed on the impending downpour on this pair and with the evening star formation resting on the trendline, we are most likely to have that sooner. Just a stimulus required form the “Big Banks”.
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