Price approaches the NGN1192 support.
Potentially will bounce up to retest the broken NGN1406 support and use it as resistance.
Since price is retracing after a steep bullish move, the next solid support might be found on the NGN961 zone.
Technically, i have plausible reasons to believe the Nigerian Naira would begin appreciating in value. My reasons below;
•Trend line broken
•Bearish engulfing candle on 3D timeframe
•FVG, hence a possibility for price to retrace to N890/$
N700/$ is technically possibility before the end of the year.
One thing to know about naira to USD is that after every consolidation, there's always an historic fall. With how the Nigerian economy is, a currency like Naira only seeks to stabilize rather than hope on recovery. Naira wont be making making a recovery above previous high of 0.002375 and till month of august candle is fully formed, an entry is not advised. Just...
Pattern Wedge on NGN, but take in mind that this
is monthly timeframe and of course long term
analysis. Based on technical indications NGN can
correct its trend against USD to 349.77 in next
5-6 months. Anyway price can gradually decline
to 360 before christmass holidays\
Terms and short forms!
T - Trendlines (T1,T2... etc.)
S - Supprt levels (S1,S2......
By now, a whooping 171,000 people died of the coronavirus. Let's start to try to imagine what some of the consequences of the lockdown "to save lives" are.
Saving lives is more important than profit.
Nigeria is classified as a mixed economy emerging market. It has reached lower middle income status according to the World Bank.
Nigeria made history in April 2006...
Nigeria's economy has taken a huge hit from the decline in oil prices over the past few months. However, the currency peg has not changed. At some point the currency is going to have to be devalued.
