Get our trading strategies with our monthly & weekly forecasts of currency pairs worth watching using support & resistance for the week of March 8, 2021.
This week we will 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 18 years of Forex prices, which show that the following methodologies have all produced profitable results:
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.
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:
Monthly Forecast March 2021
For the month of March, we forecast that the USD/JPY currency pair will rise in value, while the EUR/USD currency pair will fall.
In February, we forecasted that the USD/JPY currency pair would rise in value – and we were correct. The final performance of this forecast is shown below:
Weekly Forecast 7th March 2021
This week, we make no weekly forecast, as there were no strong counter-trend movements in the Forex market whatsoever last week.
The Forex market showed a relatively high level of volatility last week, with 48% of the important currency pairs and crosses moving by more than 1% in value. Volatility is likely to remain at a similar level over the coming week.
Last week was dominated by relative strength in the U.S. dollar, and relative weakness in the Swiss franc and Japanese yen.
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.
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.