Trading Support and Resistance – 14 July 2019



Fibo Quantum Scalper

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:

  • Trading the two currencies that are trending the most strongly over the past 3 months.
  • Assuming that trends are usually ready to reverse after 12 months.
  • Trading against very strong counter-trend movements by currency pairs made during the previous week.
  • Buying currencies with high interest rates and selling currencies with low interest rates.

Let’s 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:

table01

Monthly Forecast July 2019

For the month of July, we forecasted that the best trades would be short USD/CAD and short USD/JPY. The forecast’s performance to date is shown below:

table02

Weekly Forecast 14th July 2019

Last week, we made no weekly forecast. We make no forecast again this week.

Not a single important currency pairs and crosses moved by more than 1% in value over the past week. Volatility is likely to remain very low again over the coming week.

Last week was dominated by relative strength in the New Zealand Dollar, and relative weakness in the U.S. Dollar, but the movements were very low.

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:

table12

That’s 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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