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USD index, drops ahead of today session.

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USD index, drops ahead of today session.

The USD index, which tracks the value of the greenback against majors, is currently trading at 92.66 – the lowest level since May 2018. This drop comes as a result of the increase in Coronavirus cases and the Fed positing that more stimulus will be injected into the economy to curb the effect of Coronavirus.

 Gold  is currently trading at the 1,967 zone, signifying a 0.57% gain on the day, The precious metal is receiving more bids amid sustained weakness in the US dollar, the yellow metal’s biggest nemesis. 

Going back to XAUUSD, the yellow metal has carved an ascending triangle on the hourly chart. An ascending triangle comprises a rising trendlines connecting higher lows and a horizontal resistance line. 

A move above 1,980 would confirm a breakout and accelerate the rally from lows near 1,800, opening the doors for a convincing move above the 2,000 mark. On the flip side, an ascending triangle breakdown would open the doors for a re-test of Tuesday’s low of 1,906.

USD/JPY is currently trading at a low level of 104.21, the lowest level since March 12. With the Japan’s Senior Ministry of Finance stating that the government is watching forex markets with a sense of urgency and forex stability is important.

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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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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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