Weekly Forex Market Forecast (December 24th - December 28th 2012)

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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 24th – December 28th, 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 24th

  • All Day JPY Bank Holiday
  • All Day EUR German Bank Holiday
  • All Day NZD Bank Holiday
  • All Day AUD Bank Holiday

Tuesday, December 25th

  • All Day CHF Bank Holiday
  • All Day EUR French Bank Holiday
  • All Day EUR German Bank Holiday
  • All Day EUR Italian Bank Holiday
  • All Day GBP Bank Holiday
  • All Day CAD Bank Holiday
  • All Day USD Bank Holiday
  • All Day NZD Bank Holiday
  • All Day AUD Bank Holiday
  • 11:50pm JPY Monetary Policy Meeting Minutes

Wednesday, December 26th

  • All Day CHF Bank Holiday
  • All Day EUR German Bank Holiday
  • All Day EUR Italian Bank Holiday
  • All Day GBP Bank Holiday
  • All Day CAD Bank Holiday
  • 2:00pm USD S&P/CS Composite-20 HPI (3.9%, > good for currency)

Thursday, December 27th

  • 27th-30th GBP Nationwide HPI (0.1%, > good for currency)
  • 9:30am GBP BBA Mortgage Approvals (34.6K, > good for currency)
  • 1:30pm USD Weekly Initial Jobless Claims (365K, < good for currency)
  • 3:00pm USD CB Consumer Confidence (70.3, > good for currency)
  • 3:00pm USD New Home Sales (382K, > good for currency)
  • 11:30pm JPY Household Spending (0.8%, > good for currency)
  • 11:30pm JPY Tokyo Core CPI (-0.5%, > good for currency)
  • 11:50pm JPY Preliminary Industrial Production (-0.5%, > good for currency)
  • 11:50pm JPY Retail Sales (1.2%, > good for currency)

Friday, December 28th

  • 1:30am JPY Average Cash Earnings (-0.4%, > good for currency)
  • 7:45am EUR French Consumer Spending (0.0%, > good for currency)
  • Tentative EUR Italian 10-year Bond Auction (< yield and > bid to cover ratio good for currency)
  • 2:45pm USD Chicago PMI (51.2, > good for currency)
  • 3:00pm USD Pending Home Sales (-0.3%, > good for currency)
  • 4:00pm USD Crude Oil Inventories (last -1.0M, > good for currency)

Technical Forecast and Levels to Watch for the Majors This Week

EURUSD: Lower

Resistance:

Initial: 1.3187, 1.3211/24, 1.3251/92, 1.3308, 1.3321, 1.3376/85, 1.3433, 1.3485/95, 1.3546/68 and 1.3614.

Above: 1.3795/98, 1.3836, 1.3969, 1.4000, 1.4246, 1.4500/17, 1.4695 and 1.4939.

Support:

Initial: 1.3126/59, 1.2990/1.3083, 1.2946, 1.2904/19, 1.2801/79, 1.2747/54, 1.2623/92, 1.2588/89,1.2501/19, 1.2407/96, 1.2381/91 and 1.2323/33.

Below: 1.2241/55, 1.2162, 1.2143, 1.2133, 1.2041, 1.1938, 1.1876, 1.1639, 1.0762 and 1.0206.

USDJPY: Mildly Higher

Resistance:

Initial: 84.31, 84.51/61, 84.80, 85.51 and 85.92.

Above: 87.11/13, 87.95, 93.77 and 94.97.

Support:

Initial: 84.09/17, 83.85/96, 83.01, 82.53/82.83, 82.01/22, 81.68/96, 81.46, 81.14, 80.82, 80.56/67, 79.94/80.37, 78.83/79.20, 78.59, 77.25/78.28.

Below: 77.00, 76.73/83, 76.02/41, 75.94/98, 75.70 and 75.56.

GBPUSD: Lower

Resistance:

Initial: 1.6177/98, 1.6216, 1.6255, 1.6271/73, 1.6297 and 1.6301/08.

Above: 1.6452/56, 1.6474, 1.6546/98, 1.6616, 1.6741/45 and 1.6876.

Support:

Initial: 1.6130/51, 1.6109/12, 1.6083/96, 1.6051/66, 1.6001/06, 1.5975/90, 1.5961, 1.5900/27, 1.5886/90, 1.5825, 1.5804/07, 1.5714/81, 1.5685, 1.5624/50 and 1.5545/1.5601.

Below: 1.5514/16, 1.5458/99, 1.5403, 1.5375/92, 1.5267/93, 1.5232 and 1.5123.

AUDUSD: Mildly Lower

Resistance:

Initial: 1.0418, 1.0458, 1.0470/98, 1.0508/28, 1.0566, 1.0572/84, 1.0596/1.0638, 1.0654, 1.0668/86, 1.0751/53, 1.0792/98 and 1.0842/54.

Above: 1.1010, 1.1064 and 1.1079.

Support:

Initial: 1.0392/93, 1.0358/66, 1.0327/37, 1.0303/19, 1.0292, 1.0280/86, 1.0257/66, 1.0201/23, 1.0165/77, 1.0148/51, 1.0117, 1.0099/1.0100, 1.0052, 1.0000/18, 0.9925/83 and 0.9900.

Below: 0.9849/96, 0.9794, 0.9732, 0.9620/89, 0.9585, 0.9536/41, 0.9500 and 0.9486.

USDCAD: Mildly Higher

Resistance:

Initial: 0.9952/60, 0.9984/97, 1.0018, 1.0029/32, 1.0056, 1.0083/99, 1.0105, 1.0128, 1.0142/72, 1.0199/1.0232, 1.0249 and 1.0262/1.0311.

Above: 1.0334/37, 1.0353/61, 1.0415/81, 1.0500, 1.0506, 1.0522, 1.0646/56, 1.0669 and 1.0742/85.

Support:

Initial: 0.9905, 0.9899, 0.9815/58, 0.9789/99, 0.9780, 0.9762/73, 0.9730/34, 0.9724, 0.9686, 0.9645, 0.9631 and 0.9525.

Below: 0.9445 and 0.9405.

NZDUSD: Mildly Lower

Resistance:

Initial: 0.8241/87, 0.8307/54, 0.8365, 0.8395, 0.8405/27, 0.8472/74, 0.8504 and 0.8571.

Above: 0.8764 and 0.8841.

Support:

Initial: 0.8221, 0.8201/04, 0.8172/95, 0.8121/50, 0.8078/0.8109, 0.8030/52, 0.8013, 0.7996, 0.7906/66, 0.7804/88, 0.7783/95, 0.7723 and 0.7605/76.

Below: 0.7500/85, 0.7404/67, 0.7321/69, 0.7189, 0.7115, 0.7099 and 0.7000.

Tagged as: , , , , , , ,

Risk Statement: Trading Foreign Exchange on margin carries a high level of risk and may not be suitable for all investors. The possibility exists that you could lose more than your initial deposit. The high degree of leverage can work against you as well as for you.


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