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U.S. DOLLAR / NIGERIA NAIRA

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USDNGN trade ideas

$NGN NGN Nigerian Naira at decision Point! 1000 or 2500...$NGN The Nigerian Naira for months has been devalued in relation to the Dollar Current price: 1773 per $1 The price1773 has previously been visited around March 2024, Price action is currently forming a rising wedge. Only two things can happen: #NGN Price Action can break out of the rising wedge to reach higher prices up to 2500 Or Price Action can continue to reject the area around 1773 to retest supports down to 1000. Previous Supports: 1576, 1389, 1176, 991
by Ifiok-2sydes
Price action chart for the USD/NGN Let's analyze the provided price action chart for the USD/NGN (U.S. Dollar / Nigerian Naira) using the ICT (Inner Circle Trader) concepts and general technical analysis: Key Points of Analysis 1. Overall Trend and Market Structure - The chart shows a strong upward trend until early February 2024, followed by a period of consolidation and then a significant retracement. - The recent price action indicates a retracement to a key level. 2. Key Levels - 1562.50 This level is marked as an important resistance. If the price crosses above this level, it suggests potential for further upside movement to 1632.80. - 1327.50 This level is identified as a potential target for further retracement. The price is anticipated to revisit this level before any significant upward movement. 3. Optimal Trade Entry (OTE) - The chart highlights an OTE zone, which is typically identified using a Fibonacci retracement. This zone is crucial for identifying potential entry points for a long/Short trade in the context of the overall trend. 4. Weekly and Monthly Opens - The weekly and monthly open levels are indicated, which can act as psychological levels and potential support/resistance areas. These levels often see significant trading activity. 5. Range Equilibrium - The equilibrium point of the range is marked, providing a midpoint reference of the overall range-bound price action. This level often acts as a mean reversion point. Conclusion Based on the ICT concepts and general technical analysis, the USD/NGN pair shows potential for further retracement to 1327.50 before a possible bullish reversal. Key levels to watch include 1562.50 and 1327.50 , with the weekly and monthly opens providing additional context for potential support/resistance. This analysis helps in forming a strategic plan, taking into account potential retracements and breakouts, aligning with the overall trend and key levels.
by abinvestor24
4
NairaOne 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 let August gust away, no clear entry for now just incase you've missed on the last entry point of 0.002366 (DTF) DT - Daily Time Frame
by fxred99
4
USDNGN Long term analysis !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... etc.) R - Resistance levels (R1,R2... etc.) TP - Take Profit SL - Stop Loss F - Fibo Levels (F23,F61... etc.) Check out my next stream "What is divergence, why it is important for trading?" www.tradingview.com
Short
by AmiranAzaladze
1
This is the endBy 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 by becoming the first African country to completely pay off its debt (estimated $30 billion) owed to the Paris Club. They are slowed down by the west telling them to use clean energy to save the planet. They have hard anti business laws, but things are - were - improving. With the fall of oil prices during the 1980s oil glut Nigeria struggled to keep up with its loan payments and eventually defaulted on its principal debt repayments, limiting repayment to the interest portion of the loans. Arrears and penalty interest accumulated on the unpaid principal, which increased the size of the debt. Petroleum plays a large role in the Nigerian economy, accounting for 40% of GDP and 80% of Government earnings. To this day, 22 people have died of the latest coronavirus mutation in Nigeria. The country has a population of 200 million. Some other examples: Algeria is classified as an upper middle income country by the World Bank. Hydrocarbons have long been the backbone of the economy, accounting for roughly 60% of budget revenues, 30% of GDP, and over 95% of export earnings. Algeria has the 10th-largest reserves of natural gas in the world and is the sixth-largest gas exporter. Venezuela... Ok this is too negative I won't even say a word on this. Lybia which is already in big trouble has 50% of its gdp reliant on Oil. They used to be a rich country... (Norway is under 10% and the UK is close to 0% - below 1) The USA used to have 0% of their GDP linked to Oil more or less, but of course it went up alot recently, in particular with Trump wanting to be independant, my sources say 8% of the US GDP is Oil reliant, 10 million jobs. Lots of middle east & african countries are very reliant on Oil. Slavery is back in Lybia, the fall of Iraq "bringing democracy" produced wide terrorism. I wonder what happens when dozens of countries fall even harder than this? If you think this is alarmism or perma bearishness, please explain where the 15 economies most reliant on Oil will get their money? Food & medecine? People will survive on hope and positivity and imaginary paper money? Can't eat that. Bailout everyone? Who bails every one out? Aliens? WW3 will be brutal. The butts of priviledged vegans, feminist planet saviors, climate change gender neutral, anti business, and other "let's save lives" clowns are going to hurt very very very strongly. Probably literally in many cases. Reality is going to hit so hard...
Short
by MrRenev
5