Weekly Forex Market Forecast (October 17th - October 21st 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 17
^th - 21
^st, 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, October 17
^th 3:30pm CAD BOC Business Outlook Survey (favorable =
good for CAD) Tuesday, October 18
^th 1:30am AUD Monetary Policy Meeting Minutes (hawkish =
good for AUD) 3:00am CNY GDP (9.3%) 9:30am GBP CPI (4.9%, good for
GBP) 10:00am EUR German ZEW Economic Sentiment (-44.7, good for
EUR) 1:30pm USD PPI (0.2%, good for USD) 2:00pm USD TIC Long-Term
Purchases ( 27.8B, good for USD) 6:15pm USD Fed Chairman Bernanke
speaks (hawkish = good for USD) Wednesday, October 19
^th 9:30am GBP MPC Meeting Minutes (vote 0-0-9, hawkish =
good for GBP) 1:30pm USD Building Permits (0.61M, good for USD)
1:30pm USD Core CPI (0.2%, good for USD) Thursday, October 20
^th 9:30am GBP Retail Sales (0.1%, good for GBP) 1:30pm
USD Weekly Initial Jobless Claims (405K, good for USD) 3:00pm USD
Existing Home Sales (4.94M, good for USD) 3:00pm USD Philly Fed
Manufacturing Index (-9.0, good for USD) Friday, October 21
^st 9:00am EUR German Ifo Business Climate (106.3, good
for EUR) 9:30am GBP Public Sector Net Borrowing (11.9B, good for
GBP) 12:00pm CAD Core CPI (0.2%, good for CAD) Technical Forecast
and Levels to Watch for the Majors This Week EURUSD: Lower
Resistance: Initial: 1.3893, 1.3936, 1.3972, 1.4103, 1.4147, 1.4258
and 1.4279.Above: 1.4327, 1.4499/1.4503, 1.4548/74, 1.4695 and
1.4939. Support: Initial: 1.3832, 1.3796, 1.3720/43,
1.3684/97,1.3565, 1.3520/24, 1.3450 and 1.3360.Below: 1.3333,
1.3241/44, 1.3145, 1.3055, 1.3000, 1.2968, 1.2873, 1.2733, 1.2643
and 1.2586. USDJPY: Mildly Lower Resistance: Initial: 77.19/47,
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: 77.04, 76.90, 76.50/69, 76.30/32, 76.25, 76.14, 76.10 and
75.94.Below: 75.00 and 70.00 likely. GBPUSD: Lower Resistance:
Initial: 1.5839/67, 1.5883, 1.5912/19, 1.5951, 1.6000, 1.6037,
1.6081 and 1.6130.Above: 1.6204/06, 1.6252/59, 1.6332/47, 1.6434/52
and 1.6500/98. Support: Initial: 1.5632/85, 1.5525/31, 1.5483,
1.5422, 1.5373, 1.5339/55, 1.5326, 1.5293, 1.5270 and 1.5123.Below:
1.5000, 1.4947, 1.4872, 1.4785/97, 1.4500, 1.4474, 1.4345 and
1.4229. AUDUSD: Higher Resistance:Initial: 1.0341/60, 1.0373/96,
1.0473, 1.0481, 1.0511, 1.0564/70, 1.0599, 1.0624, 1.0633, 1.0659
and 1.0683/93.Above: 1.0718/26, 1.0763, 1.0784, 1.0909, 1.1000/15,
and 1.1064/79. Support: Initial: 1.0229, 1.0100, 1.0012, 0.9863,
0.9732, 0.9689, 0.9667, 0.9651, 0.9620/27, 0.9536/41 and
0.9500.Below: 0.9462, 0.9386, 0.9330, 0.9220, 0.9077, 0.9000,
0.8870, 0.8858, 0.8632, 0.8550 and 0.8066/81. USDCAD: Lower
Resistance:Initial: 1.0132, 1.0233, 1.0271, 1.0337, 1.0417,
1.0481/90, 1.0500, 1.0506, 1.0646/56, and 1.0669.Above: 1.0742,
1.0756, 1.0785, 1.0853, 1.0868, 1.1000, and 1.1101/23. Support:
Initial: 0.9939/1.0030, 0.9828/77, 0.9763/96, 0.9734/39, 0.9724,
0.9686 and 0.9645.Below: 0.9567, 0.9526, 0.9496, 0.9448/56, 0.9422,
0.9405/09, 0.9056 and 0.9000. NZDUSD: Higher Resistance:Initial:
0.8000/93, 0.8109/19, 0.8126/40, 0.8150/90, 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: 0.7955/94, 0.7888,
0.7855, 0.7795, 0.7741, 0.7605/72, 0.7549, 0.7523, 0.7504, 0.7500,
0.7453/67, 0.7426, 0.7404, Below: 0.7342, 0.7321, 0.7189, 0.7115,
0.7000 and 0.6945/62.