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 23rd – January 27th, 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 23rd
12:30am AUD PPI (0.4%, > good for currency)
Tuesday, January 24th
Tentative JPY Monetary Policy Statement (hawkish = good for currency) Tentative JPY Overnight Call Rate (<0.10%, > good for currency) Tentative JPY BOJ Press Conference (hawkish = good for currency) 9:30am GBP Public Sector Net Borrowing (12.7B, < good for currency) 1:30pm CAD Core Retail Sales (0.2%, > good for currency) 8:00pm GBP BOE Governor King speaks (hawkish = good for currency)
Wednesday, January 25th
12:30am AUD CPI (0.2%, > good for currency) 9:00am EUR German Ifo Business Climate (107.7, > good for currency) 9:30am GBP MPC Meeting Minutes (0-0-9, > good for currency) 9:30am GBP Preliminary GDP (-0.1%, > good for currency) 3:00pm USD Pending Home Sales (-0.3%, > good for currency) 7:15pm USD FOMC Statement (hawkish = good for currency) 8:00pm NZD Official Cash Rate (2.50%, > good for currency) 8:00pm NZD RBNZ Rate Statement (hawkish = good for currency)
Thursday, January 26th
All Day AUD Bank Holiday 1:30pm USD Core Durable Goods Orders (1.0%, > good for currency) 1:30pm USD Weekly Initial Jobless Claims (371K, < good for currency) 3:00pm USD New Home Sales (322K, > good for currency)
Friday, January 27th
10:30am CHF KOF Economic Barometer (-0.06, > good for currency) 1:30pm USD Advance GDP (3.1%, > good for currency)
Technical Forecast and Levels to Watch for the Majors This Week EURUSD: Mildly Lower Resistance:Initial: 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: 1.2917, 1.2886, 1.2873/77, 1.2857, 1.2665, 1.2643, 1.2625 and 1.2586.Below: 1.2623, 1.2484, 1.2329 and 1.1876. USDJPY: Mildly Lower Resistance:Initial: 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: 76.83, 76.41/66, 76.10, 75.94 and 75.70.Below: 75.65, 75.56, plus 75.00 and 70.00 likely. GBPUSD: Mildly Lower Resistance:Initial: 1.5557/85, 1.5624/29, 1.5668, 1.5685/91 and 1.5717.Above: 1.5735/45, 1.5770/74, 1.5868/90, 1.6092, 1.6128 and 1.6164. Support:Initial: 1.5531/37, 1.5516, 1.5465/99, 1.5422, 1.5410, 1.5375, 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: 1.0498, 1.0608 and 1.0654.Above: 1.0718/84, 1.1010 and 1.1079. Support:Initial: 1.0444, 1.0384, 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 and 0.9500. USDCAD: Mildly Lower Resistance:Initial: 1.0160, 1.0172, 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: 1.0105/42, 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: 0.8066, 0.8080, 0.80/93, and 0.8109/90.Above: 0.8240, 0.8571 and 0.8841. Support:Initial: 0.7993/96, 0.7979, 0.79550.7906, 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 and 0.7000. More articles from ForexTraders….