Trading Support And Resistance - Sunday, Feb. 24

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

Let’s take a 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:

 

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Monthly Forecast February 2018

For the month of February, we forecast that the best trade would be long GBP/USD. The forecast’s performance so far is as follows:

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We made no forecast last week, as there were no strong counter-trend moves last week. We again make no forecast this week.

Weekly Forecast February 24

About 26% of the important currency pairs or crosses moved by more than 1% in value over the past week. Volatility has stayed the same and will probably again do so over the coming week.

This week has been dominated by relative strength in the British Pound, and relative weakness in the 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 should be watched on the more popular currency pairs this week, which might result in either reversals or breakouts:

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