Trading Support and Resistance – AUD/USD, EUR/USD, GBP/USD

I make no forecast for the remainder of the month of November, I think markets are too unsettled to look beyond the next few days.

This week I will begin with my monthly and weekly Forex forecast of the currency pairs worth watching. The first part of my forecast is based upon my research of the past 20 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 2022

I make no forecast for the remainder of the month of November, I think markets are too unsettled to look beyond the next few days.

For the month of October, I forecasted that the USD/JPY currency pair would increase in value. The result was nicely profitable:

October 2022 Forex Forecast Performance

Weekly Forecast 6th November 2022

This week, I forecast that the GBP/JPY currency cross is likely to rise in value over the coming week.

The Forex market saw an increase in directional volatility last week, with 56% of the most important currency pairs and crosses moving by more than 1% in value. Directional volatility may remain relatively high over this coming week as there is a very crucial release of US CPI (inflation) data.

Last week was dominated by relative strength in the New Zealand Dollar, and relative weakness in the British Pound.

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

Key Support/Resistance Levels for Popular Pairs

I 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 and Resistance Levels

Ready to trade our Forex weekly forecast? Here’s a list of some of the best Forex trading platforms to check out.

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.