USD/NGN Currency Pair Forecast
Stronger technical forecast for USD/NGN currency pair price after Friday trading.
(Updated on Jun 21, 2024)
The USD/NGN currency pair price gained 0.604% on the last trading day (Friday, 21st Jun 2024), rising from $1,489.50 to $1,498.50. During the last trading day the currency pair fluctuated 2.61% from a day low at $1,476.00 to a day high of $1,514.50. The price has risen in 5 of the last 10 days and is up by 1.89% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 4 more shares were traded than the day before. In total, 11 shares were bought and sold for approximately $16.48 thousand.
The currency pair lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the currency pair is expected to rise 16.33% during the next 3 months and, with a 90% probability hold a price between $1,393.53 and $1,877.68 at the end of this 3-month period.
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USDNGN Signals & Forecast
The USD/NGN currency pair holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $1,491.84 and $1,465.99. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). USD/NGN has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, May 20, 2024, and so far it has fallen -2.18%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for USD/NGN currency pair
USD/NGN finds support from accumulated volume at $1,495.00 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This currency pair has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the currency pair moved $38.50 between high and low, or 2.61%. For the last week, the currency pair has had daily average volatility of 0.84%.
Our recommended stop-loss: $1,422.40 (-5.08%) (This currency pair has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 47 days ago.)
Trading Expectations (USDNGN) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th we expect USD/NGN to open at $1,496.33, and during the day (based on 14 day Average True Range), to move between $1,462.54 and $1,534.46, which gives a possible trading interval of +/-$35.96 (+/-2.40%) up or down from last closing price. If USD/NGN takes out the full calculated possible swing range there will be an estimated 4.80% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1,501.37 (0.19%) than the support at $1,495.00 (0.23%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is USD/NGN currency pair A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for USD/NGN currency pair to perform well in the short-term. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.080 Buy Candidate Upgraded
Predicted Opening Price for USD/NGN of Monday, June 24, 2024
| Fair opening price June 24, 2024 | Current price |
|---|---|
| $1,496.33 ( 0.145%) | $1,498.50 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for USDNGN
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 1,534.83 | 2.42% |
| R2 | 1,520.13 | 1.44% |
| R1 | 1,511.04 | 0.84% |
| Price | 1,498.50 | |
| S1 | 1,481.63 | -1.13% |
| S2 | 1,472.54 | -1.73% |
| S3 | 1,457.83 | -2.71% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 1,504.50 | 0.400% |
| R2 | 1,502.00 | 0.234% |
| R1 | 1,501.37 | 0.192% |
| Price | 1,498.50 | |
| S1 | 1,495.00 | -0.234% |
| S2 | 1,484.15 | -0.96% |
| S3 | 1,319.10 | -11.97% |
FAQ
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