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 January 16th – January 20th, 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, January 16th
12:30am AUD ANZ Job Advertisements (-0.9%, > good for currency) 12:30am AUD Home Loans (1.4%, > good for currency) All Day USD Bank Holiday 6:00pm EUR ECB President Draghi speaks (hawkish = good for currency) 9:00pm NZD NZIER Business Confidence (25, > good for currency)
Tuesday, January 17th
2:00am CNY GDP (8.7%, > good for currency) 9:30am GBP CPI (4.2%, > good for currency) 9:45am GBP BOE Governor King speaks (hawkish = good for currency) 10:00am EUR German ZEW Economic Sentiment (-49.7, > good for currency) 2:00pm CAD BOC Rate Statement (hawkish = good for currency) 2:00pm CAD Overnight Rate (1.00%, > good for currency)
Wednesday, January 18th
9:30am GBP Claimant Count Change (8.2K, < good for currency) 1:30pm USD PPI (0.1%, > good for currency) 2:00pm USD TIC Long Term Purchases (27.3B, > good for currency) 3:30pm CAD BOC Monetary Policy Report (hawkish = good for currency) 4:15pm CAD BOC Press Conference (hawkish = good for currency) 9:45pm NZD CPI (0.4%, > good for currency)
Thursday, January 19th
12:30am AUD Employment Change (10.3K, > good for currency) 12:30am AUD Unemployment Rate (5.3%, < good for currency) 1:30pm USD Building Permits (0.68M, > good for currency) 1:30pm USD Core CPI (0.1%, > good for currency) 1:30pm USD Weekly Initial Jobless Claims (389K, < good for currency) 3:00pm USD Philly Fed Manufacturing Index (11.3, > good for currency)
Friday, January 20th
2:30am CNY HSBC Flash Manufacturing PMI (last 48.7) 9:30am GBP Retail Sales (0.6%, > good for currency) 12:00pm CAD Core CPI (-0.2%, > good for currency) 3:00pm USD Existing Home Sales (4.65M, > good for currency)
Technical Forecast and Levels to Watch for the Majors This Week EURUSD: Mildly Lower Resistance:Initial: 1.2857, 1.2873/77, 1.2917, 1.2946, 1.2957, 1.2968, 1.2983, 1.3000, 1.3055/76, 1.3145 and 1.3197,Above: 1.3211, 1.3241/58, 1.3281, 1.3334, 1.3362, 1.3433/95, 1.3546/68, 1.3614 and 1.3795/98. Support:Initial: 1.2665, 1.2643 and 1.2586.Below: 1.2623, 1.2484, 1.2329 and 1.1876. USDJPY: Mildly Higher Resistance:Initial: 76.83, 77.00/13, 77.29/33, 77.48/49, 77.61/89, 78.06/16, 78.22, 78.28, 78.66, 79.05, 79.40, 79.52, 79.96, 80.00, 80.22 and 80.82.Above: 81.34, 81.76, 82.01/22, 82.77, 83.09 and 83.77. Support:Initial: 76.41/66, 76.10, 75.94 and 75.70.Below: 75.65, 75.56, plus 75.00 and 70.00 likely. GBPUSD: Mildly Higher Resistance:Initial: 1.5375, 1.5410, 1.5422, 1.5465/99, 1.5516, 1.5531/37 and 1.5557/85.Above: , 1.5624/29, 1.5668, 1.5685/91, 1.5717, 1.5735/45, 1.5770/74 and 1.5868/90. Support:Initial: 1.5293, 1.5270/77, 1.5232, 1.5123 and 1.5000.Below: 1.4947, 1.4782, 1.4769, 1.4474, 1.4345 and 1.4229. AUDUSD: Higher Resistance:Initial: 1.0384, 1.0444/98, 1.0608 and 1.0654.Above: 1.0718/84, 1.1010 and 1.1079. Support:Initial: 1.0303, 1.0266, 1.0224/29, 1.0216, 1.0100/16, 1.0000/52, 0.9925/83, 0.9900, 0.9861/63 and 0.9732.Below: 0.9689, 0.9661/67, 0.9651, 0.9620/27, 0.9536/41, 0.9500, 0.9486, 0.9386, 0.9341 and 0.9220. USDCAD: Lower Resistance:Initial: 1.0199, 1.0207/32, 1.0262/87, 1.0297, 1.0302, 1.0334/37, 1.0415/23, 1.0438, 1.0481, 1.0500, 1.0506 and 1.0522.Above: 1.0646/56, 1.0669, 1.0742, 1.0756, 1.0785.1.0853, 1.0868, 1.1000 and 1.1101/23. Support:Initial: 1.0172, 1.0105/42, 1.0026/78, 0.9969 and 0.9934.Below: 0.9891, 0.9828/77, 0.9724/96, 0.9686 and 0.9645. NZDUSD: Higher Resistance:Initial: and 0.7955, 0.7979 and 0.7996.Above: 0.8066/93, 0.8109/90, 0.8240, 0.8571 and 0.8841. Support:Initial: 0.7906, 0.7855/88, 0.7827/36, 0.7804/09, 0.7795, 0.7723/73, 0.7605/72, 0.7568 and 0.7500/52.Below: 0.7404/67, 0.7369, 0.7342, 0.73210.7189, 0.7115, 0.7000, 0.6945/62, 0.6793 and 0.6560. More articles from ForexTraders….