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 November 7th - 11th, 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, November 7th
12:30am AUD ANZ Job Advertisements (last -2.1%, > good for AUD) 8:00am GBP Halifax HPI (0.1%, > good for GBP)
Tuesday, November 8th
12:30am AUD Trade Balance (3.04B, > good for AUD) 9:30am GBP Manufacturing Production (0.2%, > good for GBP) 1:15pm CAD Housing Starts (201K, > good for CAD) 1:30pm CHF SNB Chairman Hildebrand speaks (hawkish = good for CHF)
Wednesday, November 9th
12:30am AUD Home Loans (1.7%, > good for AUD) 2:00am CNY CPI (5.4%) 2:30pm USD Fed Chairman Bernanke speaks (hawkish = good for USD) 8:00pm NZD RBNZ Financial Stability Report (hawkish = good for NZD)
Thursday, November 10th
12:30am AUD Employment Change (10.3K, > good for AUD) 12:30am AUD Unemployment Rate (5.3%, < good for AUD) Tentative CNY Trade Balance (26.3B) 12:00pm GBP Asset Purchase Facility (275B, < good for GBP) 12:00pm GBP Official Bank Rate (0.50%, > good for GBP) Tentative GBP MPC Rate Statement (hawkish = good for GBP) 1:30pm CAD Trade Balance (-0.5B, > good for CAD) 1:30pm USD Trade Balance (-46.1B, > good for USD) 1:30pm USD Unemployment Claims (402K, < good for USD)
Friday, November 11th
All Day EUR French Bank Holiday 9:30am GBP PPI Input (0.0%, > good for GBP) All Day CAD Bank Holiday All Day USD Bank Holiday 2:55pm USD Preliminary University of Michigan Consumer Sentiment (61.1, > good for USD)
Technical Forecast and Levels to Watch for the Majors This Week EURUSD: Mildly higher Resistance: Initial: 1.3798, 1.3827, 1.3854, 1.3868, 1.3973, 1.4246, 1.4258 and 1.4279.Above: 1.4327, 1.4499/1.4503, 1.4548/74, 1.4695 and 1.4939. Support: Initial: 1.3720/43, 1.3710, 1.3652/97, 1.3607, 1.3565 and 1.3520/24.Below: 1.3450, 1.3360, 1.3333, 1.3241/44, 1.3145, 1.3055, 1.3000 and 1.2968. USDJPY: Mildly lower Resistance: Initial: 78.66, 79.05, 79.40, 79.52 and 80.00.Above: 80.22, 80.82, 81.34, 81.76, 82.01/22, 82.77, 83.09 and 83.77. Support: Initial: 77.25/89, 76.41, 76.10, 75.94, 75.70, 75.65 and 75.56.Below: 75.00 and 70.00 likely. GBPUSD: Higher Resistance: Initial: 1.6040, 1.6059/62, 1.6130/64, 1.6204/06, 1.6252/59 and 1.6332/47.Above: 1.6434/73, 1.6500/98 and 1.6616. Support: Initial: 1.6000, 1.5977, 1.5945, 1.5912/19, 1.5839/89, 1.5630/85 and 1.5525/31Below: 1.5483, 1.5422, 1.5373, 1.5339/55, 1.5326, 1.5293, 1.5270, 1.5123 and 1.5000. AUDUSD: Mildly higher Resistance:Initial: 1.0444/98, 1.0608, 1.0654, 1.0718/26, 1.0730, 1.0751, 1.0763 and 1.0784.Above: 1.0909, 1.1000, 1.1015, 1.1064 and 1.1079. Support: Initial: 1.0313/70, 1.0229, 1.0201, 1.0116, 1.0100, 1.0012, 1.0000, 0.9983, 0.9925 and 0.9863.Below: 0.9732, 0.9689, 0.9667, 0.9651, 0.9620/27, 0.9536/41 and 0.9500. USDCAD: Mildly lower Resistance:Initial: 1.0132/42, 1.0210/33, 1.0262/71, 1.0337, 1.0417, 1.0481/90, 1.0500 and 1.0506.Above: 1.0646/56, 1.0669, 1.0742, 1.0756, 1.0785, 1.0853, 1.0868, 1.1000 and 1.1101/23. Support: Initial: 1.0105, 1.0053, 1.0026/30, 0.9969, 0.9934, 0.9891, 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: Mildly higher Resistance:Initial: 0.7955/94, 0.8066/93, 0.8109/90, 0.8240, 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: 0.7881/88, 0.7855/59, 0.7804, 0.7795, 0.7741, 0.7605/72, 0.7549, 0.7523, 0.7504 and 0.7500.Below: 0.7453/67, 0.7426, 0.7404, 0.7342, 0.7321, 0.7189, 0.7115, 0.7000 and 0.6945/62. More articles from ForexTraders….