Trading Support and Resistance - 24 February 2019

Adam Lemon
Adam Lemon
on February 24, 2019 | Updated On Feb 24, 2019
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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:

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:

image0124022019

Monthly Forecast February 2018

For the month of February, we forecasted that the best trade would be long GBP/USD. The forecast’s performance so far is as follows:

image0224022019

We made no forecast last week, as there were no strong counter-trend moves last week. We again make no forecast this week.

Weekly Forecast 24th February 2019

About 26% of the important currency pairs or crosses moved by more than 1% in value over the past week. Volatility has stayed the same and will probably again do so over the coming week.

This week has been dominated by relative strength in the British Pound, and relative weakness in the U.S. Dollar.

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

Previous Monthly Forecasts

You can view the results of our previous monthly forecasts here.

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:

image1224022019
That’s all for this week. 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.

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About the Author
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

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