Get our trading strategies with our monthly and weekly forecasts of currency pairs to watch using support and resistance for the week of May 31, 2021.
This week we will start with our monthly and weekly forecasts of currency pairs worth watching. The first part of our forecast is based on our research over the past 18 years of Forex prices, which shows that the following methodologies have all produced profitable results:
Let’s take a look at the relevant data on changes in currency prices and interest rates to date, which we’ve compiled using a trade-weighted index of major global currencies:
Monthly Forecast June 2021
For the month of June, we again expect the USD / CAD currency pair to decline in value, and the CAD / JPY currency crossover to increase in value.
For the month of May, we made this same forecast. So far, the performance has been very positive:
Weekly forecast 30e May 2021
Last week we predicted that the EUR / NOK currency cross would likely lose value. Unfortunately, it increased very slightly, by 0.03%.
We are not making any weekly forecasts this week, as there have not been any large countertrend price movements in any major currency pairs or crosses.
The Forex market showed a slight drop in its level of volatility last week, with 19% of major currency pairs and crosses again moving over 1% in value. Volatility is expected to remain at a similar level over the coming week.
The past week has been dominated by the relative strength of the New Zealand dollar and the relative weakness of the Japanese yen.
You can exchange our forecasts by a real or demo Forex brokerage account.
Previous monthly forecasts
Key support / resistance levels for popular pairs
We teach that trades should be entered and exited at or very near key support and resistance levels. There are some key support and resistance levels which can be watched on the most popular currency pairs this week.
It’s all for this week. You can trade our forecasts on a real or demo Forex brokerage account to test the strategies and build your confidence before investing real funds.