Trading Support and Resistance - 26 March 2017

Adam Lemon

This week we’ll begin with our monthly and weekly forecasts of the currency pairs worth watching. The first part of our forecast is based upon our research of the past 11 years of Forex prices, which show that the following methodologies have all produced profitable results:

Let’s take a look at the relevant data of currency price changes and interest rates to date, which we compiled using a trade-weighted index of the major global currencies:

Chart 1

Monthly Forecast March 2016

This month we forecasted that the highest-probability trades will be long USD/CAD and short NZD/USD. The performance so far is as follows:

Chart 2

Weekly Forecast 26th March 2017

Last week, we made no forecast, as there were no strong counter-trend movements.

This week, we forecast that the AUD/JPY currency cross will rise in value.

This week has been dominated by relative strength in the Euro and Japanese Yen, and relative weakness in the U.S. Dollar and the Australasian currencies.

Volatility was slightly lower than last week, with only 30% of the major and minor currency pairs changing in value by more than 1%. Volatility is likely to be lower still over this coming week.

You can trade our forecasts in a real or demo Forex brokerage account.

Key Support/Resistance Levels for Popular Pairs

We teach that trades should be entered and exited at or very close to key support and resistance levels. There are certain key support and resistance levels that should be watched on the more popular currency pairs this week, which might result in either reversals or breakouts:

Chart 3

That’s all for now. Our next newsletter will be coming to you next week, on Sunday 2nd April.

You can trade our forecasts in a real or demo Forex brokerage account.

Adam Lemon

Chief Instructor

FX Academy

Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.
Learn more from Adam in his free lessons at FX Academy

Did you like what you read? Let us know what you think!

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

0 User comments

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

Read more
Add new comment
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.