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 October 17th – 21st, 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, October 17th
3:30pm CAD BOC Business Outlook Survey (favorable = good for CAD)
Tuesday, October 18th
1:30am AUD Monetary Policy Meeting Minutes (hawkish = good for AUD) 3:00am CNY GDP (9.3%) 9:30am GBP CPI (4.9%, > good for GBP) 10:00am EUR German ZEW Economic Sentiment (-44.7, > good for EUR) 1:30pm USD PPI (0.2%, > good for USD) 2:00pm USD TIC Long-Term Purchases ( 27.8B, > good for USD) 6:15pm USD Fed Chairman Bernanke speaks (hawkish = good for USD)
Wednesday, October 19th
9:30am GBP MPC Meeting Minutes (vote 0-0-9, hawkish = good for GBP) 1:30pm USD Building Permits (0.61M, > good for USD) 1:30pm USD Core CPI (0.2%, > good for USD)
Thursday, October 20th
9:30am GBP Retail Sales (0.1%, > good for GBP) 1:30pm USD Weekly Initial Jobless Claims (405K, < good for USD) 3:00pm USD Existing Home Sales (4.94M, > good for USD) 3:00pm USD Philly Fed Manufacturing Index (-9.0, > good for USD)
Friday, October 21st
9:00am EUR German Ifo Business Climate (106.3, > good for EUR) 9:30am GBP Public Sector Net Borrowing (11.9B, < good for GBP) 12:00pm CAD Core CPI (0.2%, > good for CAD)
Technical Forecast and Levels to Watch for the Majors This Week EURUSD: Lower Resistance: Initial: 1.3893, 1.3936, 1.3972, 1.4103, 1.4147, 1.4258 and 1.4279.Above: 1.4327, 1.4499/1.4503, 1.4548/74, 1.4695 and 1.4939. Support: Initial: 1.3832, 1.3796, 1.3720/43, 1.3684/97,1.3565, 1.3520/24, 1.3450 and 1.3360.Below: 1.3333, 1.3241/44, 1.3145, 1.3055, 1.3000, 1.2968, 1.2873, 1.2733, 1.2643 and 1.2586. USDJPY: Mildly Lower Resistance: Initial: 77.19/47, 77.71, 77.85, 78.02, 78.66, 79.05, 79.40 and 80.00.Above: 80.22, 80.82, 81.34, 81.76, 82.01/22, 82.77, 83.09 and 83.77. Support: Initial: 77.04, 76.90, 76.50/69, 76.30/32, 76.25, 76.14, 76.10 and 75.94.Below: 75.00 and 70.00 likely. GBPUSD: Lower Resistance: Initial: 1.5839/67, 1.5883, 1.5912/19, 1.5951, 1.6000, 1.6037, 1.6081 and 1.6130.Above: 1.6204/06, 1.6252/59, 1.6332/47, 1.6434/52 and 1.6500/98. Support: Initial: 1.5632/85, 1.5525/31, 1.5483, 1.5422, 1.5373, 1.5339/55, 1.5326, 1.5293, 1.5270 and 1.5123.Below: 1.5000, 1.4947, 1.4872, 1.4785/97, 1.4500, 1.4474, 1.4345 and 1.4229. AUDUSD: Higher Resistance:Initial: 1.0341/60, 1.0373/96, 1.0473, 1.0481, 1.0511, 1.0564/70, 1.0599, 1.0624, 1.0633, 1.0659 and 1.0683/93.Above: 1.0718/26, 1.0763, 1.0784, 1.0909, 1.1000/15, and 1.1064/79. Support: Initial: 1.0229, 1.0100, 1.0012, 0.9863, 0.9732, 0.9689, 0.9667, 0.9651, 0.9620/27, 0.9536/41 and 0.9500.Below: 0.9462, 0.9386, 0.9330, 0.9220, 0.9077, 0.9000, 0.8870, 0.8858, 0.8632, 0.8550 and 0.8066/81. USDCAD: Lower Resistance:Initial: 1.0132, 1.0233, 1.0271, 1.0337, 1.0417, 1.0481/90, 1.0500, 1.0506, 1.0646/56, and 1.0669.Above: 1.0742, 1.0756, 1.0785, 1.0853, 1.0868, 1.1000, and 1.1101/23. Support: Initial: 0.9939/1.0030, 0.9828/77, 0.9763/96, 0.9734/39, 0.9724, 0.9686 and 0.9645.Below: 0.9567, 0.9526, 0.9496, 0.9448/56, 0.9422, 0.9405/09, 0.9056 and 0.9000. NZDUSD: Higher Resistance:Initial: 0.8000/93, 0.8109/19, 0.8126/40, 0.8150/90, 0.8269/78, 0.8327/39, 0.8365/86, 0.8423 and 0.8469/72.Above: 0.8500, 0.8534/75, 0.8676, 0.8764, 0.8793 and 0.8841. Support: Initial: 0.7955/94, 0.7888, 0.7855, 0.7795, 0.7741, 0.7605/72, 0.7549, 0.7523, 0.7504, 0.7500, 0.7453/67, 0.7426, 0.7404, Below: 0.7342, 0.7321, 0.7189, 0.7115, 0.7000 and 0.6945/62. More articles from ForexTraders….