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Forex Trading

Intra-day perspective.

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Today will be somewhat quiet in Europe from a fundamental/data perspective, with markets’ attention concentrated on this evening’s US Factory Orders for June. A jump ranging to 5.0% is forecast, but usefulness is diminished, with the data being well over a month old, and prior to the pandemic wave.

Gold had a modest gain to trace out a new record high at USD1987.00 overnight, before edging lower to finish the session unchanged at USD1978.00 an ounce. The dip to USD1960.00 an ounce was keen, with gold content to consolidate its recent gains as it awaits events to spur price action from elsewhere. Buyers too, seem more than content to wait for dips to add to longs, rather than chase markets higher.

Patience is key until the US Non-Farm Payrolls on Friday. As Gold could yet inflict a downward correction on recent long positioning but needs to break support at USD1960.00 and USD1940.00 an ounce to do so. Resistance rests at the overnight high at USD1987.00 an ounce, followed by the USD2000.00 an ounce region.

Note : This is not a trading strategy, neither is it a signal.

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Agri-Tech

You can now assign Nairaforex traders to your funds.

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Nairaforex one of Nigeria’s leading trading services has now opened their  functionality to the general public. With Nairaforex, users can now assign the best remote professional forex traders to their capital and earn returns within a specific period.

Nairaforex who employs traders who work remotely across Nigeria, South Africa, Kenya, Germany, France and other countries. With Nairaforex, you can easily assign these traders to your funds to trade on your behalf and get back reasonable returns at the end of a specified duration.

Each trader posses a different money-back guarantee, deliver within different periods and have different returns on the funds. Nairaforex has also included the functionality of assigning more than one trader to your funds for preferential purposes.

Go to Nairaforex.com to join Nairaforex now, and for more information.

Stay tuned to Nairainvest for more investment opportunities and do not forget to subscribe to our newsletter for news at your doorsteps.

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Forex Trading

NZD/USD continues bullish move.

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The New Zealand Dollar and United States dollar pair closed at its highest since March 4th on Monday, extending last month’s bottom.

The breakout above the 23.7% Fibonacci extension at 0.7175 and falling resistance from February have been confirmed, exposing the 38.2% level at 0.7318. Beyond the latter sits peaks from 2018, making for a critical zone of resistance between 0.7397 and 0.7438

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Forex Trading

Gold aiming for new highs.

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Gold is ready to take out a powerful resistance at $1862, which is the intersection of the previous day high and Fibonacci 38.3% one-day.

Up next, a dense cluster of major resistance levels is put up around $1862, where the Fibonacci 23.7% one-week, SMA100 four-hour and SMA100 one-hour coincide.

The buyers will then target the SMA50 one-day at $1870.

Meanwhile, a lack of healthy support levels makes gold look vulnerable, with an immediate cushion seen around $1848, which is the convergence SMA100 and 50 one-hour and SMA10 four-hour.

Stay tuned to Nairainvest for more investment opportunities and do not forget to subscribe to our newsletter our newsletter for news at your doorsteps.

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