USD/NGN Currency Pair Forecast
Weaker technical forecast for USD/NGN as currency pair downgraded to Buy Candidate.
(Updated on Jun 27, 2024)
No changes to the price of USD/NGN currency pair on the last trading day (Thursday, 27th Jun 2024). During the last trading day the currency pair fluctuated 1.65% from a day low at $1,519.74 to a day high of $1,544.74. The price has risen in 6 of the last 10 days and is up by 2.34% over the past 2 weeks.
The currency pair lies in the upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $1,544.19 will firstly indicate a stronger rate of rising. Given the current short-term trend, the currency pair is expected to rise 24.38% during the next 3 months and, with a 90% probability hold a price between $1,580.16 and $1,920.59 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 $1,517.54 and $1,480.41. 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). 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 Wednesday, June 26, 2024, and so far it has fallen 0%. Further fall is indicated until a new bottom pivot has been found. Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for USD/NGN currency pair
USD/NGN finds support from accumulated volume at $1,504.50 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, but be aware of low or falling volume as this increases the risk. During the last day, the currency pair moved $25.00 between high and low, or 1.65%. For the last week the currency pair has had daily average volatility of 1.89%.
Our recommended stop-loss: $1,485.23 (-3.54%) (This currency pair has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 51 days ago.)
Trading Expectations (USDNGN) For The Upcoming Trading Day Of Friday 28th
For the upcoming trading day on Friday, 28th we expect USD/NGN to open at $1,534.74, and during the day (based on 14 day Average True Range), to move between $1,505.39 and $1,574.09, which gives a possible trading interval of +/-$34.35 (+/-2.23%) up or down from last closing price. If USD/NGN takes out the full calculated possible swing range there will be an estimated 4.46% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $1,504.50, some $35.24 (2.29%) from the current price of $1,539.74, our system finds the risk reward attractive.
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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this currency pair since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 2.586 Buy Candidate Downgraded
Predicted Opening Price for USD/NGN of Friday, June 28, 2024
| Fair opening price June 28, 2024 | Current price |
|---|---|
| $1,534.74 ( 0.325%) | $1,539.74 |
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 | 1,559.74 | 1.30% |
| R2 | 1,550.19 | 0.679% |
| R1 | 1,544.29 | 0.296% |
| Price | 1,539.74 | |
| S1 | 1,525.19 | -0.94% |
| S2 | 1,519.29 | -1.33% |
| S3 | 1,509.74 | -1.95% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 1,539.74 | |
| S1 | 1,504.50 | -2.29% |
| S2 | 1,495.00 | -2.91% |
| S3 | 1,319.10 | -14.33% |
FAQ
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