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Author: @dayomabinuola

Temidayo Mabinuola is an entrepreneur, Financial Trader and former Investment Associate at FM Capital Group. His knowledge and expertise on trading instruments is fueled by a passion for markets. In his time of learning forex trading, he fell in love with the use of technical analysis over fundamentals. He has been a guest on Channels Television on the program, NETWORK AFRICA. Dayo is a graduate of Banking and Finance from Redeemer’s University earning his Bachelor of Science degree. You can follow him on Twitter and Facebook.
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THE JOURNEY OF CRYPTOS CONTINUE

Having been oversold for a while, Bitcoin continues moving in a direction majorly for long term traders and hope will be restored soon for some profit. Bitcoin went down last week to $6000 from a previous resistance level of $8,300. Since then, it has held on to a strong support level and might increase its value only for a short while. Its next resistance might be $6,800. However, this is dependent on the number of buyers to go long, if not, it continues shorting.

For Ripple, the next major resistance might be 0.4140 but since its ranging now, so it seems indecisive. The major reason for a buy is because it has been oversold for the past weeks just like bitcoin.


For Ethereum, it has been oversold at $278 to 1 Ethereum for 2 weeks. The next major resistance might be $395. This could also be a swing for a continuous downtrend.

Indications showing for the next few weeks: The more buyers, the higher the price of crypto currencies and new resistance levels will develop. For now, it is ranging and it’s not too good to enter trades in a ranging market.

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MARKET OUTLOOK ON EUR/JPY

Throughout july, the Japenese yen gained so much against the Euro in which a new support level was at 125.00. Assuming buyers resume activities, it could get a new resistance level at 128.00. There is a breakout already, which might also be a fake breakout.

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NAIRA TEMPORARILY GAINING MOMENTUM AGAINST THE EURO

On the 26th of April 2018, naira was exchanged at N444 to €1. And within the day, naira improved and gained with the exchange of N403 to €1. There was stability in the currency market between the naira and the euro until the end of 2016 when the recession began. Before the recession, naira was exchange at N310 to €1. During the recession, the naira lost so much and was at around N450 to €1.

Recently, millions of dollars was pumped into the Nigeria forex exchanage market by the economic team headed by the Vice President. Prof. Yemi Osinbajo with the main aim of stabilizing the naira against major counter currencies like the USD and the EUR.

Naira has gained momentum in the last four weeks and there are high tendencies to gain more.

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