Weekly Forex Market Forecast (October 31st - November 4th 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 October 31
^st - November 4
^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.
Sunday, October 30
^th 10:45pm NZD Building Consents (last 12.5%, good for
NZD) Monday, October 31
^st 1:30pm CAD GDP (0.2%, good for CAD) 10:45pm NZD Labor
Cost Index (0.9%, good for NZD) Tuesday, November 1
^st 2:00am CNY Manufacturing PMI (51.9) 4:30am AUD Cash
Rate (4.75%, good for AUD) 4:30am AUD RBA Rate Statement (hawkish =
good for AUD) 8:00am GBP Nationwide HPI (0.1%, good for GBP)
1st-4th GBP Halifax HPI (0.1%, good for GBP) 9:15am CHF Retail
Sales (2.3%, good for CHF) 10:30am GBP Manufacturing PMI (50.0,
good for GBP) 10:30am GBP Prelim GDP (0.4%, good for GBP) 3:00pm
USD ISM Manufacturing PMI (52.3, good for USD) Wednesday, November
2
^nd 1:30am AUD Building Approvals (-4.5%, good for AUD)
10:30am GBP Construction PMI (50.2, good for GBP) 1:15pm USD ADP
Non-Farm Employment Change (103K, good for USD) 5:30pm USD Federal
Funds Rate Decision (0.25%, good for USD) 5:30pm USD FOMC Statement
(hawkish = good for USD) 7:15pm USD FOMC Press Conference (hawkish
= good for USD) 10:45pm NZD Employment Change (0.6%, good for NZD)
10:45pm NZD Unemployment Rate (6.4%, good for NZD) Thursday,
November 3
^rd 1:30am AUD Retail Sales (0.5%, good for AUD) 10:30am
GBP Services PMI (51.9, good for GBP) 1:30pm USD Weekly Initial
Jobless Claims (402K, good for USD) 1:45pm EUR Minimum Bid Rate
(1.50%, good for EUR) 2:30pm EUR ECB Press Conference (hawkish =
good for EUR) 3:00pm USD ISM Non-Manufacturing PMI (53.9, good for
USD) Friday, November 4
^th 1:30am AUD RBA Monetary Policy Statement (hawkish =
good for USD) 12:00pm CAD Employment Change (20.3K, good for CAD)
12:00pm CAD Unemployment Rate (7.2%, good for CAD) 1:30pm CAD
Building Permits (2.7%, good for CAD) 1:30pm USD Non-Farm
Employment Change (98K, good for USD) 1:30pm USD Unemployment Rate
(9.1%, good for USD) 3:00pm CAD Ivey PMI (56.2, good for CAD)
Technical Forecast and Levels to Watch for the Majors This Week
EURUSD: Lower Resistance: Initial: 1.4246, 1.4258 and 1.4279.Above:
1.4327, 1.4499/1.4503, 1.4548/74, 1.4695 and 1.4939. Support:
Initial: 1.4133, 1.3973, 1.3798, 1.3720/43, 1.3652/97,1.3565 and
1.3520/24.Below: 1.3450, 1.3360, 1.3333, 1.3241/44, 1.3145, 1.3055,
1.3000 and 1.2968. USDJPY: Mildly Higher Resistance: Initial:
75.93, 76.00, 76.31, 76.47/52, 77.19/48, 77.71, 77.85, 78.02,
78.66, 79.05, 79.40 and 80.00.Above: 80.22, 80.82, 81.34, 81.76,
82.01/22, 82.77, 83.09 and 83.77. Support: Initial: 75.70 and
75.65.Below: 75.00 and 70.00 likely. GBPUSD: Lower Resistance:
Initial: 1.6130, 1.6140, 1.6151, 1.6204/06, 1.6252/59 and
1.6332/47.Above: 1.6434/73, 1.6500/98 and 1.6616. Support: Initial:
1.6117, 1.6070, 1.6040, 1.6000, 1.5977, 1.5912/19, 1.5883/89,
1.5839/67, 1.5630/85 and 1.5525/31Below: 1.5483, 1.5422, 1.5373,
1.5339/55, 1.5326, 1.5293, 1.5270, 1.5123 and 1.5000. AUDUSD: Lower
Resistance:Initial: 1.0718/26, 1.0730, 1.0751, 1.0763, 1.0784 and
1.0909.Above: 1.1000, 1.1015, 1.1064 and 1.1079. Support: Initial:
1.0654, 1.0498, 1.0370, 1.0351, 1.0320, 1.0229, 1.0116, 1.0100,
1.0012 and 1.0000.Below: 0.9983, 0.9925, 0.9863, 0.9732, 0.9689,
0.9667, 0.9651, 0.9620/27, 0.9536/41 and 0.9500. USDCAD: Higher
Resistance:Initial: 0.9934, 0.9969, 1.0030, 1.0132/42, 1.0233,
1.0262/71, 1.0337, 1.0417, 1.0481/90, 1.0500 and 1.0506.Above:
1.0646/56, 1.0669, 1.0742, 1.0756, 1.0785, 1.0853, 1.0868, 1.1000
and 1.1101/23. Support: Initial: 0.9891, 0.9828/77, 0.9763/96,
0.9734/39, 0.9724, 0.9686, 0.96450, 0.9567, 0.9526 and
0.9496.Below: 0.9448/56, 0.9422, 0.9405/09, 0.9056 and 0.9000.
NZDUSD: Lower Resistance:Initial: 0.8240, 0.8269/78, 0.8327/39,
0.8365/86, 0.8423 and 0.8469/72.Above: 0.8500, 0.8534/75, 0.8676,
0.8764, 0.8793 and 0.8841. Support: Initial: 0.8150/90, 0.8126/40,
0.8109/19, 0.8066/93, 0.7955/94, 0.7888, 0.7855/59, 0.7795, 0.7741,
0.7605/72, 0.7549, 0.7523, 0.7504 and 0.7500.Below: 0.7453/67,
0.7426, 0.7404, 0.7342, 0.7321, 0.7189, 0.7115, 0.7000 and
0.6945/62.