Weekly Forex Market Forecast (December 19th - December 23rd 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 19th December
23rd, 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
19th 12:00am NZD NBNZ Business Confidence (last 18.3, good for NZD)
3:30pm EUR ECB President Draghi speaks (hawkish = good for EUR).
Tuesday, December 20th 12:30am AUD Monetary Policy Meeting Minutes
(hawkish = good for AUD). 9:00am EUR German Ifo Business Climate
(106.2, good for EUR) 12:00pm CAD Core CPI (0.2%, good for CAD)
1:30pm USD Building Permits (0.63M, good for USD) 9:45pm NZD
Current Account (last -0.92B, good for NZD) Wednesday, December
21st Tentative JPY Monetary Policy Statement (hawkish = good for
JPY) Tentative JPY Overnight Call Rate Decision (0.10%, good for
JPY) Tentative JPY BOJ Press Conference (hawkish = good for JPY)
9:30am GBP MPC Meeting Minutes (0-0-9, hawkish = good for GBP)
9:30am GBP Public Sector Net Borrowing (13.5B, good for GBP) 1:30pm
CAD Core Retail Sales (0.4%, good for CAD) 3:00pm USD Existing Home
Sales (5.04M, good for USD) 9:45pm NZD GDP (last 0.1%, good for
NZD) Thursday, December 22nd 9:30am GBP Current Account (-5.2B,
good for GBP) 1:30pm USD Weekly Initial Jobless Claims (376K, good
for USD) Friday, December 23rd All Day JPY Bank Holiday 1:30pm CAD
GDP (0.1%, good for CAD) 1:30pm USD Core Durable Goods Orders
(0.5%, good for USD) 3:00pm USD New Home Sales (314K, good for USD)
Technical Forecast and Levels to Watch for the Majors This Week
EURUSD: Mildly Higher Resistance:Initial: 1.3055, 1.3145, 1.3211,
1.3241/58, 1.3281, 1.3334, 1.3362, 1.3433, 1.3458, 1.3486, 1.3495
and 1.3546/68.Above: 1.3614, 1.3795/98, 1.3813/27, 1.3854/58,
1.3868, 1.3973, 1.4054, 1.4246 and 1.4548. Support:Initial: 1.3000,
1.2983, 1.2968, 1.2957, 1.2946 and 1.2917.Below: 1.2873,
1.2643, 1.2586 and 1.1876. USDJPY: Mildly Lower Resistance:Initial:
78.06/16, 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: 77.73/89, 77.61, 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: 1.5531/37, 1.5557/85, 1.5624/29, 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:
1.5516, 1.5483, 1.5465, 1.5422, 1.5410, 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: Mildly Higher
Resistance:Initial: 0.9925/83, 1.0000, 1.0027, 1.0045/52,
1.0100/16, 1.0156/62, 1.0224/29, 1.0303/78 and 1.0444/98.Above:
1.0608, 1.0654, 1.0718/841.1010 and 1.1079. Support:Initial:
0.9900, 0.9861/63, 0.9732, 0.9689, 0.9661/67, 0.9651, 0.9620/27,
0.9536/41, 0.9500.Below: 0.9486, 0.9386, 0.9341 and 0.9220. USDCAD:
Mildly Lower Resistance:Initial: 1.0415/23, 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: 1.0334/37,
1.0302, 1.0297, 1.0262/87, 1.0232, 1.0221, 1.0207, 1.0172/99,
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: Mildly Higher
Resistance:Initial: 0.7605/72, 0.7723/41, 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: 0.7568, 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.