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Trading Support and Resistance – EUR/USD. GBP/USD

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

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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 November 2023

    For the month of November, I make no forecast, as the US Dollar is making a deep counter-trend retracement.

    For the month of October, I forecasted that the USD/JPY currency pair would gain in value.

    The final result of this forecast was as follows:

    Monthly Forecast October 2023 Final Performance

    Weekly Forecast 5th November 2023

    Last week, I gave no weekly forecast, as there were no strong counter-trend price movements.

    This week, I forecast that the NZD/USD and AUD/USD currency pairs will fall in value.

    Directional volatility in the Forex market increased last week with 59% of the most important currency pairs fluctuating over the week by more than 1%. Volatility is likely to decrease over the coming week, due mostly to the much lighter schedule of high-impact economic data releases, and if the war in the Middle East widens, it will extend even further.

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

    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
    About 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.


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