Image Source: UnsplashToday, I will begin with my monthly and weekly forecasts of the currency pairs worth watching. The first part of my forecast is based upon 20 years’ worth of research of Forex prices, which shows 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.

Monthly Forecast for November 2023
For the month of November, I made no forecast, as the US dollar was in the process of making a deep counter-trend retracement.

Weekly Forecast for Sunday, Nov. 26, 2023
Last week, I forecasted that the AUD/USD and EUR/USD currency pairs were likely to decline in value. Unfortunately, the EUR/USD currency pair rose by 0.22% and the AUD/USD by 1.01%, giving an average loss of 0.62%. This week, I will once again make no forecast as there were no strong counter-trend price movements over the past trading period.Directional volatility in the Forex market decreased last week, as only 22% of the most important currency pairs fluctuated over the week by more than 1%. Volatility is likely to remain low over the coming week, as there are few high-impact data releases scheduled.Last week was dominated by relative strength in the New Zealand dollar, and relative weakness was seen in the US dollar.

Key Support/Resistance Levels for Popular Pairs
I often 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 monitored on the more popular currency pairs this week.Let’s see how trading one of these key pairs last week off of key support and resistance levels could have worked out.

EUR/USD
I had expected the level at $1.0857 might act as support in the EUR/USD currency pair last week, as it had acted previously as both support and resistance. Note how these “role reversal” levels can work well.The H1 price chart below shows how the price rejected this level right at the end of last Wednesday’s New York/London session overlap (which can be a great time to enter trades in major currency pairs like this one) with a bullish inside bar, marked by the upward arrow, signaling the timing of this bullish rejection.This trade has been nicely profitable so far, giving a maximum reward-to-risk ratio of almost 3 to 1 based on the size of the entry candlestick structure.  More By This Author:EUR/USD: Weekly Forecast November 26 – December 2WTI Crude Oil: Weekly Forecast November 26 – December 2USD/JPY Analysis: Eyes Are Turning Towards The Psychological Resistance Of 150.00 Again.