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 19
^th December 23
^rd, 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 19
^th 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 20
^th 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 21
^st 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 22
^nd 9:30am GBP Current Account (-5.2B, good for GBP)
1:30pm USD Weekly Initial Jobless Claims (376K, good for USD)
Friday, December 23
^rd 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.