USDNGN Weekly Chart Analysis – May 28, 2025
The likelihood of price retracing into this level is high before any significant move higher.
Retest Anticipation: The chart shows a projected retracement towards the key level around ₦1,549.48, which lies within the MSS zone. This level is now acting as potential support.
Bullish Scenario:
Naira: Future Trajectory and Key InsightsHey everyone, let’s dive into my technical analysis of the Naira and its future trajectory against the US Dollar. Will the Naira strengthen, or will it continue to surge (lose value)? I’ve spotted some critical points on the chart that pinpoint the direction of the next price move with accuracy. Let
$NGN NGN Nigerian Naira at decision Point! 1000 or 2500...$NGN The Nigerian Naira for months has been devalued in relation to the Dollar
Current price: 1773 per $1
The price1773 has previously been visited around March 2024, Price action is currently forming a rising wedge.
Only two things can happen:
#NGN Price Action can break out of the rising wedge
DEVALUATION OF NAIRA(WHY NAIRA MIGHT HIT ALL TIME ALL)The naira have been showing signs of weakness against dollar. We might see another all time high of 2000naira against dollar before the year 2025. The next level could be the extension level of 2000naira
Price action chart for the USD/NGN Let's analyze the provided price action chart for the USD/NGN (U.S. Dollar / Nigerian Naira) using the ICT (Inner Circle Trader) concepts and general technical analysis:
Key Points of Analysis
1. Overall Trend and Market Structure
- The chart shows a strong upward trend until early February
NAIRA DOLLAR CORRECTION & UNCERTAINTY Price approaches the NGN1192 support.
Potentially will bounce up to retest the broken NGN1406 support and use it as resistance.
Since price is retracing after a steep bullish move, the next solid support might be found on the NGN961 zone.
USD/NGNTechnically, i have plausible reasons to believe the Nigerian Naira would begin appreciating in value. My reasons below;
•Trend line broken
•Bearish engulfing candle on 3D timeframe
•FVG, hence a possibility for price to retrace to N890/$
N700/$ is technically possibility before the end of the year
NairaOne thing to know about naira to USD is that after every consolidation, there's always an historic fall. With how the Nigerian economy is, a currency like Naira only seeks to stabilize rather than hope on recovery. Naira wont be making making a recovery above previous high of 0.002375 and till month
USD NairaThis is what debasement looks like
expect crypto to benefit; low fee, low latency coins
what country will be next, Zambia is suspect?
See all ideas
Summarizing what the indicators are suggesting.
Oscillators
Neutral
SellBuy
Strong sellStrong buy
Strong sellSellNeutralBuyStrong buy
Oscillators
Neutral
SellBuy
Strong sellStrong buy
Strong sellSellNeutralBuyStrong buy
Summary
Neutral
SellBuy
Strong sellStrong buy
Strong sellSellNeutralBuyStrong buy
Summary
Neutral
SellBuy
Strong sellStrong buy
Strong sellSellNeutralBuyStrong buy
Summary
Neutral
SellBuy
Strong sellStrong buy
Strong sellSellNeutralBuyStrong buy
Moving Averages
Neutral
SellBuy
Strong sellStrong buy
Strong sellSellNeutralBuyStrong buy
Moving Averages
Neutral
SellBuy
Strong sellStrong buy
Strong sellSellNeutralBuyStrong buy
Displays a symbol's price movements over previous years to identify recurring trends.