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Forex Trading

Talking points ahead of today’s trade session.

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As we anticipate the stimulus package showdown, gold is consolidating the previous moves in a tight range around 1950 and moving in a sideways formation. .The bulls are still in control amid the Fed expectations, as the US economic recovery stalls on the back of the virus second-wave ramping up across the US. It is possible that the Federal reserves could hint at adopting yield curve control, which could send  the real yields further into the negative zone, triggering a fresh sell-off in the US dollar.

After witnessing massive volatility, Gold (XAU/USD) settled Tuesday above the psychological $1950 level, as tied its broad recovery and saw late-selling amid a resurgence of the coronavirus-led economic concerns. The US Conference Board Consumer Confidence fell more than expected in July, underscoring the virus impact on the growth prospects. Also, the US fiscal aid impasse weighed down on the greenback and helped the bright metal to recover from the sharp corrective slide to $1907. Gold recorded fresh all-time highs at $1981.34 in Tuesday’s Asian trading.

The USDJPY pair is currently trading at the 105.650 area which is a Strong Resistance. The pair 105.009 support area is not appearing to be going anywhere soon. From here, playing between this may be a breakout trap.

EUR  dipped to a low of 1.1697 before closing lower for the first time in seven days (1.1714, -0.31%). Upward momentum on the EUR has diminished considerably and the current movement is viewed as part of a consolidation phase. For today trading session, EUR is likely to trade sideways between 1.1685 and 1.1760.”

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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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