Weekly Forex Market Forecast (December 12th - December 16th 2011)

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 December 12
^th December 16
^th, 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, December 12
^th 12:30am AUD Home Loans (0.1%, good for AUD) 12:30am
AUD Trade Balance (2.03B, good for AUD) Tentative GBP BOE Governor
King speaks (hawkish = good for GBP) Tuesday, December 13
^th 9:30am GBP CPI (4.8%, good for GBP) 10:00am EUR
German ZEW Economic Sentiment (-55.7, good for EUR) 1:30pm USD Core
Retail Sales (0.5%, good for USD) 1:30pm USD Retail Sales (0.6%,
good for USD) 7:15pm USD FOMC Statement (hawkish = good for USD)
Wednesday, December 14
^th 9:30am GBP Claimant Count Change (17.3K, good for
GBP) Thursday, December 15
^th 2:30am CNY HSBC Flash Manufacturing PMI (47.7) 8:30am
CHF Libor Rate (0.25%, good for CHF) 8:30am CHF SNB Monetary Policy
Assessment (hawkish = good for CHF) 8:30am CHF SNB Press Conference
(hawkish = good for CHF) 9:30am GBP Retail Sales (-0.2%, good for
GBP) 1:30pm USD PPI (0.3%, good for USD) 1:30pm USD Weekly Initial
Jobless Claims (389K, good for USD) 2:00pm USD TIC Long-Term
Purchases (53.4B, good for USD) 3:00pm USD Philly Fed Manufacturing
Index (5.1, good for USD) Friday, December 16
^th 1:30pm USD Core CPI (0.2%, good for USD) Technical
Forecast and Levels to Watch for the Majors This Week EURUSD:
Mildly Higher Resistance:Initial: 1.3433, 1.3458, 1.3486, 1.3495,
1.3546/68, 1.3614, 1.3795/98 and 1.3813/27.Above: 1.3854/58,
1.3868, 1.3973, 1.4054, 1.4246 and 1.4548. Support:Initial: 1.3362,
1.3334, 1.3281, 1.3241/58, 1.3211, 1.3145, 1.3055 and 1.3000.Below:
1.2968, 1.2917, 1.2873, 1.2643 and 1.2586. USDJPY: Mildly
Lower Resistance:Initial: 77.78/89, 78.06/10, 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: 77.48/49, 77.29,
77.13, 77.00, 76.83, 76.57, 76.41, 76.10, 75.94 and 75.70.Below:
75.65, 75.56, plus 75.00 and 70.00 likely. GBPUSD: Mildly Higher
Resistance:Initial: 1.5685, 1.5691, 1.5717, 1.5735/45, 1.5770,
1.5868/90, 1.5912/19, 1.5932, 1.5945 and 1.5977.Above: 1.6000,
1.6093, 1.6130/65, 1.6206, 1.6259, 1.6332/47, 1.6434/73, 1.6500/98
and 1.6616. Support:Initial: 1.5624, 1.5561/85, 1.5516/31, 1.5483,
1.5422, 1.5373, 1.5339/55, 1.5326, 1.5293, 1.5270, 1.5123 and
1.5000.Below: 1.4947, 1.4782, 1.4769, 1.4474, 1.4345 and
1.4229. AUDUSD: Higher Resistance:Initial: 1.0229, 1.0303/78,
1.0444/98, 1.0608, 1.0654 and 1.0718/84.Above: 1.1010 and 1.1079.
Support:Initial: 1.0156, 1.0100/16, 1.0048/52, 1.0000, 0.9925/83,
0.9863 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: 1.0172/99, 1.0207, 1.0221, 1.0262/87, 1.0302,
1.0337, 1.0417, 1.0438, 1.0481, 1.0500, 1.0506, 1.0522, 1.0646/56,
1.0669, 1.0742, 1.0756 and 1.0785.Above: 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: 0.7761, 0.7795, 0.7804,
0.7827/36, 0.7855/59 and 0.7878/88.Above: 0.7955/96, 0.8066/93,
0.8109/90 and 0.8240. Support:Initial: 0.7723/41, 0.7605/72,
0.7500/52, 0.7404/67, 0.7369, 0.7342 and 0.7321.Below: 0.7189,
0.7115, 0.7000, 0.6945/62, 0.6793 and 0.6560.