Connect with us

Forex Trading

New level to beat for Gold bulls.

Published

on

A failed breakout is widely considered as a powerful bearish signal. That, alongside a below-50 or bearish reading on the hourly chat relative strength index, suggests scope for a deeper decline to the ascending triangle support at $1,960.

On the higher side, $1,988 is the level to beat for the bulls, which, if breached, would open the doors to a potential breakout above the $2,000 mark.

Notably, with the rise to fresh record highs, gold had confirmed an ascending channel breakout on the hourly chart. That bullish continuation pattern, however, has failed with the pullback to $1,972.

Markets have been bearish on the greenback since March. Having topped out 102.99 in Mach, the dollar index, which tracks the value of the greenback against major currencies, fell to a 26-month low of 92.55 last week. The greenback has taken a beating with the Fed pumping stimulus into the system to normalize.

Bearish bets on the greenback rose for the fourth straight week to reach a tally of $24.27 billion – the highest since April 2018 – from previous week’s $18.81 billion, as per Reuters calculation. Note: This is not a trading strategy, neither is it a signal.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Agri-Tech

You can now assign Nairaforex traders to your funds.

Published

on

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.

Continue Reading

Forex Trading

NZD/USD continues bullish move.

Published

on

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

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

Continue Reading

Forex Trading

Gold aiming for new highs.

Published

on

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.

Continue Reading

Trending