Technical Analysis Weekly Forex Forecast Trading Support and Resistance - 19 November 2017 Trading Support and Resistance - 19 November 2017 Sunday, 19 November 2017 12:36 Share 0 Tweet 0 Pin it 0 +1 By: DailyForex.com 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 16 years of Forex prices, which show that the following methodologies have all produced profitable results: ·Trading the two currencies that are trending the most strongly over the past 3 months. · Assuming that trends are usually ready to reverse after 12 months. · Trading against very strong counter-trend movements by currency pairs made during the previous week. · Buying currencies with high interest rates and selling currencies with low interest rates. 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: Monthly Forecast November 2017 For the month of November, we forecasted that the best trades would be long USD/JPY, short EUR/USD, and long USD/CHF. The performance to date is as follows: Weekly Forecast 19th November 2017 Last week, we made no forecast, as there were no strong counter-trend movements. This week, we again make no forecast, as there were again no strong counter-trend movements. This week has been dominated by relative strength in the Japanese Yen and Euro, and relative weakness in the Australian and New Zealand Dollars Volatility was higher, with 63% of the major or minor currency pairs changing in value by more than 1%. Volatility is likely to be even higher 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: You can trade our forecasts in a real or demo Forex brokerage account to test the strategies and strengthen your self-confidence before investing real funds. Adam Lemon Adam is a Forex trader who has worked within financial markets for over 12 years, including 6 years with Merrill Lynch. He is certified in Fund Management and Investment Management by the U.K. Chartered Institute for Securities & Investment. Learn more from Adam in his free lessons at FX Academy.