Trading Support and Resistance

Adam Lemon

Get our trading strategies with our monthly & weekly forecasts of currency pairs worth watching using support & resistance for the week of November 22 2020.

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 on our research of the past 16 years of Forex prices, which show that the following methodologies have all produced profitable results:

Let us 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:

Currency Price Changes and Interest Rates

Monthly Forecast November 2020

This month, we forecasted that the EUR/USD currency pair would be likely to fall in value. Its performance so far this month is as follows:

EUR/USD

Weekly Forecast 15th November 2020

Last week, we forecasted that the USD/JPY currency pair would fall in value. This was an excellent and profitable call, as the currency pair fell over the week by 0.70%. This week, we make no weekly forecast, as we saw no unusually strong counter-trend movements last week.

The Forex market showed a considerably lower level of volatility compared to the previous week, with less than 8% of the important currency pairs and crosses moving by more than 1% in value last week. Volatility is likely to remain at a similarly low level over the coming week.

Last week was dominated by relative strength in the New Zealand dollar, and relative weakness in 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 can be watched on the more popular currency pairs this week.

Key Support Resistance Levels

That is 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.

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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