Trading Support and Resistance

  


Get our trading strategies with our monthly & weekly forecasts of currency pairs worth watching using support & resistance for the week of June 6, 2021.

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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:

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 June 2021

For the month of June, we forecasted that the USD/CAD currency pair would fall in value, and the CAD/JPY currency cross would rise in value. The performance of the forecast so far is shown below:

Monthly Forecast June 2021

Weekly Forecast 6th June 2021

Last week, we made no weekly forecast, as there were no large counter-trend price movements in any important currency pairs or crosses.

We again make no forecast this week as this situation is unchanged.

The Forex market showed a decrease in its level of volatility last week, with only 4% of the important currency pairs and crosses again moving by more than 1% in value. However, volatility is likely to rise over the coming week.

Last week was dominated by relative strength in the Australian dollar, and relative weakness in the New Zealand dollar. However, these price movements were so small as to be relatively meaningless.

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.

Key Support and Resistance Levels

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.



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