Trade support and resistance

Get our trading strategies with our monthly and weekly predictions of currency pairs to watch using support and resistance for the week of May 30, 2022.


This week I’ll start with my monthly and weekly predictions of the currency pairs to watch. The first part of my forecast is based on my research of the last 20 years on Forex prices, which shows that the following methodologies have all produced profitable results:

Let’s take a look at the relevant data on currency price movements and interest rates to date, which we have compiled using a trade-weighted index of major world currencies:

Changes in currency rates and interest rates

Monthly forecast May 2022

For the month of May, I predicted the US Dollar Index (USDX) to rise in value. So far, it has fallen 0.79% this month to date.

Weekly Forecast 29e May 2022

Last week, I predicted that the USD/CHF currency pair would rise in value. Unfortunately, it fell last week by 1.79%.

I am not making any predictions this week as there were no abnormally strong countertrend price movements in the Forex market last week.

The Forex market has seen its level of direction volatility fall back last week, with 33% of all major currency pairs or crosses moving more than 1% in value. Directional volatility is expected to decrease or stay the same over the coming week.

Last week was dominated by the relative strength of the New Zealand dollar and the relative weakness of the US dollar.

You can trade my predictions on a live or demo Forex brokerage account.

Main support/resistance levels for popular pairs

I teach that trades should be entered and exited at or very close to the key support and resistance levels. There are some key support and resistance levels that can be seen on the most popular currency pairs this week.

currency pair

Main support/resistance levels


Support: 0.7125, 0.7038, 0.7008, 0.6996 Resistance: 0.7180, 0.7227, 0.7275, 0.7321


Support: 1.0697, 1.0650, 1.0600, 1.0540 Resistance: 1.0760, 1.0824, 1.0937, 1.0956


Support: 1.2588, 1.2553, 1.2437, 1.2412 Resistance: 1.2698, 1.2726, 1.2772, 1.2862


Support: 126.02, 125.72, 124.93, 123.12 Resistance: 127.51, 128.95, 129.60, 130.01


Support: 90.58, 90.30, 89.01, 88.35 Resistance: 91.99, 92.94, 93.34, 94.76


Support: 134.58, 133.66, 132.35, 131.91 Resistance: 136.83, 138.26, 140.00, 140.67


Support: 1.2684, 1.2638, 1.2587, 1.2538 Resistance: 1.2765, 1.2782, 1.2869, 1.2895


Support: 0.9515, 0.9498, 0.9438, 0.9381 Resistance: 0.9609, 0.9671, 0.9760, 0.9791

Let’s see how trading reversals from one of last week’s key levels could have worked:


I was expecting the level at $1.2869 could work as a resistoras it had previously functioned as both support and resistance. Notice how suchreversal levels can be very reliable reversal points. The H1 graph below shows how the price rejected this level with a decline pin bar at the start of the New York session last Wednesday, which is generally a good time to trade Forex. The entry point is marked with an up arrow in the price chart below. This trade has been profitable so farreaching a maximum positive risk-reward ratio of more than 4 to 1 depending on the size of the entry candlestick.

USD/CAD hourly chart

USD/CAD hourly chart

It’s all for this week. You can trade my predictions on a live or demo Forex brokerage account to test the strategies and build your confidence before investing real funds.

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