By Michael Trinkle, ForexTraders Key Fundamental Forex Events and Forecasts for the Coming Week The following table lists the key economic data and other events that are due out during the week of August 29th – September 2nd, with release times displayed for the GMT time zone. The list also includes the current market consensus forecast for each event and indicates what sort of deviation might affect the forex market valuation of the indicated currency positively. Monday, August 29th
2:00pm – EUR – ECB President Trichet speaks (hawkish = good for EUR) 3:00pm – USD – Pending Home Sales (-0.8%, > good for USD) 11:45pm – NZD – Building Consents (last -1.4%, > good for NZD)
Tuesday, August 30th
2:30am – AUD – Building Approvals (2.1%, > good for AUD) 3:00pm – USD – CB Consumer Confidence (52.2, > good for USD) 7:00pm – USD – FOMC Meeting Minutes (hawkish = good for USD)
Wednesday, August 31st
2:00am – NZD – NBNZ Business Confidence (last 47.6, > good for NZD) 1:15pm – USD – ADP Non-Farm Employment Change (103K, > good for USD) 1:30pm – CAD – GDP (0.2%, > good for CAD)
Thursday, September 1st
2:00am – CNY – Manufacturing PMI (51.2, > good for CNY) 2:30am – AUD – Private Capital Expenditure (4.1%, > good for AUD) 2:30am – AUD – Retail Sales (0.3%, > good for AUD) 6:45am – CHF – GDP (0.4%, > good for CHF) 7:00am – GBP – Nationwide HPI (0.1%, > good for GBP) 1st-8th – GBP – Halifax HPI (0.5%, > good for GBP) 8:15am – CHF – Retail Sales (4.6%, > good for CHF) 9:30am – GBP – Manufacturing PMI (49.2, > good for GBP) 1:30pm – USD – Weekly Initial Jobless Claims (409K, < good for USD) 3:00pm – USD – ISM Manufacturing PMI (48.9, > good for USD)
Friday, September 2nd
9:30am – GBP – Construction PMI (53.1, > good for GBP) 1:30pm – USD – Non-Farm Payrolls (90K, > good for USD) 1:30pm – USD – Unemployment Rate (9.1%, < good for USD)
Technical Forecast and Levels to Watch for the Majors This Week EURUSD: Higher Resistance: Initial: 1.4499/1.4503, 1.4517, 1.4535, 1.4576, 1.4642/56 and 1.4695.Above: 1.4881, 1.4939 and 1.5144. Support: Initial: 1.4474, 1.4452, 1.4434, 1.4347/54, 1.4324/28, 1.4271, 1.4258, 1.4211, 1.4142/49, 1.4122/29, 1.4054, 1.4013 and 1.4000.Below: 1.3836, 1.3703/23, 1.3524/45 and 1.3420/98. USDJPY: Mildly Lower Resistance: Initial: 76.86, 76.92/95, 77.06, 77.19/29, 77.69, 77.78, 78.02, 78.66, 79.05, 79.40, 80.00 and 80.22.Above: 80.82, 81.34, 81.76, 82.01/22, 82.77, 83.09 and 83.77. Support: Initial: 76.28/58 and 75.94.Below: 75.00 and 70.00 likely. GBPUSD: Higher Resistance: Initial: 1.6361, 1.6396, 1.6434, 1.6519, 1.6532, 1.6542/98, 1.6616 and 1.6720/1.6744.Above: 1.6876 and 1.7040. Support: Initial: 1.6254/59, 1.6223/27, 1.6206, 1.6174, 1.6165, 1.6117, 1.6109, 1.6067, 1.6004 and 1.6000. Below: 1.5990, 1.5972, 1.5910/30, 1.5824, 1.5777 and 1.5750. AUDUSD: Higher Resistance:Initial: 1.0590/99, 1.0653, 1.0693 and 1.0784.Above: 1.0909, 1.1000, 1.1010/15, 1.1064/79 and 1.1500. Support: Initial: 1.0532, 1.0479, 1.0415, 1.0357/60, 1.0313, 1.0244, 1.0203, 1.0169, 1.0110, 1.0090, 1.0062 and 1.0000.Below: 0.9925, 0.9803 and 0.9704. USDCAD: Mildly Higher Resistance:Initial: 0.9825/39, 0.9908, 0.9917/25, 0.9937, 0.9953, 0.9967 and 0.9974/1.0000.Above: 1.0008, 1.0030, 1.0057, 1.0088, 1.0139, 1.0208 and 1.0236. Support: Initial: 0.9788/96, 0.9774, 0.9763, 0.9741/45, 0.9686, 0.9645, 0.9567 and 0.9526.Below: 0.9496, 0.9448/56, 0.9422, 0.9405/09, 0.9056 and 0.9000. NZDUSD: Higher Resistance:Initial: 0.8408, 0.8417, 0.8423, 0.8464, 0.8540, 0.8575 and 0.8676.Above: 0.8764, 0.8793, 0.8841, 0.9000 and 0.9500. Support: Initial: 0.8365, 0.8287, 0.8270, 0.8252, 0.8212, 0.8175, 0.8158, 0.8150, 0.8126, 0.8109, 0.8060/93, 0.8007/44 and 0.8000.Below: 0.7971, 0.7950, 0.7816 and 0.7754. More articles from ForexTraders….