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Naira

$NGN NGN Nigerian Naira at decision Point! 1000 or 2500...$NGN The Nigerian Naira for months has been devalued in relation to the Dollar Current price: 1773 per $1 The price1773 has previously been visited around March 2024, Price action is currently forming a rising wedge. Only two things can happen: #NGN Price Action can break out of the rising wedge to reach higher prices up to 2500 Or Price Action can continue to reject the area around 1773 to retest supports down to 1000. Previous Supports: 1576, 1389, 1176, 991
by Ifiok-Trades
TYPES OF CURRENCY PAIRSWhen trading Forex, it is essential to know about the different types of currency pairs, as some pairs are much riskier to trade than others, especially for those with minimal trading experience. Major Currency Pairs Before we discuss major currency pairs, we should first list the major currencies individually. The eight major currencies are: US dollar (USD) Euro (EUR) British pound (GBP) Japanese yen (JPY) Swiss franc (CHF) Canadian dollar (CAD) Australian dollar (AUD) New Zealand dollar (NZD) As listed above, there are eight major currencies but there are only seven major pairs because a major pair includes the U.S. dollar. Major pairs are the most traded currency pairs on the forex market. They account for the highest average trade volume and have the most liquid markets, as well as the lowest risks and spreads offered by brokers. The seven major currency pairs are: EUR/USD – Euro / US dollar GBP/USD – British Pound / US dollar USD/JPY – US dollar / Japanese yen AUD/USD – Australian dollar / US dollar USD/CHF – US dollar / Swiss franc USD/CAD – US dollar / Canadian dollar NZD/USD – New Zealand dollar / US dollar Note that AUD/USD and USD/CAD are sometimes also referred to as commodity currencies. Minor Currency Pairs Minor currency pairs (also known as cross pairs or crosses) always include two major currencies but not the U.S. dollar. Crosses are not as popular and as highly traded as the major pairs. This means they can be riskier than a major pair and will attract wider spreads from brokers. Their liquidity can also be low at times, presenting a challenge for inexperienced traders in a thin volume environment. Here are a few examples of minor currency pairs: EUR/GBP – Euro / British pound EUR/JPY – Euro / Japanese yen GBP/JPY – British pound / Japanese yen AUD/NZD – Australian dollar / New Zealand dollar NZD/JPY – New Zealand dollar / Japanese yen GBP/CAD – British pound / Canadian dollar Exotic Currency Pairs Exotic currency pairs consist of a major currency paired with a currency from a developing and emerging nations as well as certain developed nations. These currency pairs trade in a far less liquid market compared to the majors and minors as they are traded less frequently. This causes their spreads to be much higher than those of the major and minor pairs. Here are a few examples of exotic currency pairs: EUR/TRY – Euro / Turkish lira USD/ZAR – US dollar / South African rand AUD/MXN – Australian dollar / Mexican peso USD/HKD – US dollar / Hong Kong dollar NZD/THB – New Zealand dollar / Thai baht CAD/NGN – Canadian dollar / Nigerian naira Risks and Spreads Major currency pairs have the most liquidity and as a result, attract lower spreads, whilst minor and exotic pairs are much riskier and attract wider spreads. Liquidity & Volatility Due to high liquidity in the major currency pairs market, they are consistent and predictable, whilst minor and exotic pairs can be volatile and extremely unpredictable at times. Please also see images below for visual examples of the difference in price behaviour of the different pair types. MAJOR PAIR & CROSS PAIR MAJOR PAIR & EXOTIC PAIR CROSS PAIR & EXOTIC PAIR Which is the best currency type to trade for new traders? We will be a posting an educational article on this in the future delving into details regarding this question. Trade safely and responsibly. BluetonaFX
Education
by BluetonaFX
5
💥NAIRA AT A DEAD END- #620/$ OR #550/$Please support this idea with a LIKE👍 if you find it useful🥳 Not a financial advice🙅🏼‍♂️ I expect Naira rate to either FALL towards #500-#540/$ OR RISE towards #600-#620/$ Right here is the Nigerian exchange rate against the US Dollar. We have price in a symmetrical triangle approaching the dead zone when price can either break upward or downward. Therefore, if price is to break upward, then Naira rate will increase towards 600 and 620 Naira per dollar. But if price break downward, then Naira rate will decrease towards 500 to 550 Naira per dollar. What do you think? Share your opinion in the comment section✍️ Follow me to receive more updates on USDTNGN ( NAIRA ) 🤗 Happy Trading💰🥳🤗
ULong
by PetrockTheAnalyst
2