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

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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 September 2023

For the month of September, I forecast that the USD/JPY currency pair will gain in value.

I made no forecast for the month of August, because I did not see any trends in the Forex market, which looked reliable enough.

Weekly Forecast 3rd September 2023

I make no forecast this week, as there were no unusually strong counter-trend price movements.

Directional volatility in the Forex market was very low last week with only the EUR/USD currency pair fluctuating over the week by more than 1%. Volatility is likely to be higher over the coming week, as the beginning of the month of September typically sees an increase in trading volumes after the summer months.

Last week was dominated by relative strength in the Australian Dollar, and relative weakness in the Euro.

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 monitored 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.