A bunch of bullish and bearish patterns AUDUSD is creating a rare combination of bullish and bearish patterns at the same time. As you can see, we have two completed Head & Shoulders and Two Potential Head and shoulders patterns. All of these are created within a larger pattern. These are very rare situations and these formations are created when the… 💶💵This post is a direct continuation of my previous post in which I predicted a fall in price. 💶💵As you can see the price is still struggling around the recent peaks.<\/p>\n
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With that development, the Nigeria Customs Service was directed to effect an increase in duty payable on cargoes imported through the ports. The Central Bank of Nigeria , in its quest to stabilize Naira injected funds to the currency market through the Wholesale Secondary Market Interventions. Transaction success in this market is based on bids with those who bid higher than the floor as they are often in an advantageous position to secure forex. To that end, the CBN directed banks to submit the names, addresses, and Bank Verification Numbers of all the exporters who had failed to repatriate their export proceeds. Necessary \u2018action\u2019 would be taken against such defaulters, the CBN said in a statement.<\/p>\n
According to the National Bureau of Statistics , Nigeria\u2019s inflation rate hit an over 5-year high of 18.6% in June 2022, from 17.71% recorded in the previous month, mainly due to the surge in energy prices and transportation costs. The Monetary Policy Committee of the Central Bank of Nigeria , in its last meeting for the year, has voted to increase the benchmark interest rate by 100 basis points to 16.5%, its highest level since 2001. Don’t miss out on what thousands of traders worldwide are using to improve their trading performance. https:\/\/pledgeit.org\/investing-in-renewable-energies<\/a> "Successful traders know that a consistent and systematic review of their daily trading activities is the direct path to growing and improving." Because you are buying one currency while selling another at the same time, you can speculate on both upward and downward market moves. However, global forex trading is dominated by just ten banks, who are responsible for around two-thirds of the world\u2019s volume. Currency markets never decline in absolute terms \u2013 for one currency to go up, there will be others weakening against it.<\/p>\n The exchange rate between the naira and the US Dollar depreciated to close at N410.25\/$1 at the Investors and Exporters window, where forex is traded officially. This is as the CBN Governor has suggested that the official exchange rate has been devalued. The apex bank said it is investigating forex tracker<\/a> \u201cillegal foreign exchange trading\u201d by the fintech companies. It sought the court injunction to freeze their account details for 180 days pending the completion of investigations. Since the first quarter of 2020, Nigeria has faced an exchange rate crisis triggered by the drop in oil prices.<\/p>\n<\/p>\n
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