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Forex Trading

UK Corona cases impedes strength of GBP.

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A surge in the UK’s new cases by 938, the highest since June, joins the broad US dollar strength to curb the GBP/USD price moves. Furthermore, chatters surrounding the British government’s warning to the medical suppliers to stockpile and former Tory leader Sir Iain Duncan Smith’s push for reopening the withdrawal agreement also challenged the pair bulls.

UK government has confirmed a £900m funding boost in an effort to speed up construction of homes and infrastructure. This development follows earlier updates, citing anonymous diplomatic sources, to say that the European Union (EU) is willing to compromise to rescue troubled Brexit talks by softening its demand that Britain heeds EU rules on state aid in the future.

Market sentiment for the USD remains positive despite US policymakers’ inability to offer any decision on the unemployment claims benefits and the much-awaited fiscal plans. While portraying the same, stocks in Asia-Pacific gains whereas the US stock futures and 10-year Treasury yields await fresh clues to extend Monday’s upbeat performances.

In another news, XAUUSD bounced off 195.20 where it could potentially rise further to 2001.49.

Trading CFDs on margin carries high risk.

Losses can exceed the initial investment so please ensure you fully understand the risk you are taking.

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

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Forex Trading

Gold dips after pmi release

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XAUUSD prices have slipped back towards where they traded for most of June. This is despite US yields and the dollar slipping back a little, which makes me think this move is more technically driven, than being a more bearish signal.

The yellow metal ran into resistance just above USD 1,835, around the same area it struggled a couple of weeks earlier. As long as it holds above USD 1,795, the outlook looks favourable. A move above that resistance zone could give the yellow metal a bit of a kick, with USD 1,855 then being key above here.

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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

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

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