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 July 23rd – July 27th, 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, July 23rd

• 2:30am AUD PPI (0.3% expected, > good for currency)

Tuesday, July 24th

• 3:30am CNY HSBC Flash Manufacturing PMI (last 48.2 expected, > good for currency)
• 4:05am AUD RBA Governor Stevens speaks (hawkish = good for currency)
• 1:30pm CAD Core Retail Sales (0.2% expected, > good for currency) 
• 1:45pm USD Fed Chairman Bernanke speaks (hawkish = good for currency)  

Wednesday, July 25th

• 2:30am AUD CPI (0.6% expected, > good for currency)
• 9:00am EUR German Ifo Business Climate (104.8 expected, > good for currency) 
• 9:30am GBP Preliminary GDP (-0.2% expected, > good for currency) 
• 3:00pm USD New Home Sales (373K expected, > good for currency) 
• 10:00pm NZD Official Cash Rate (2.50% expected, > good for currency)  
• 10:00pm NZD RBNZ Rate Statement (hawkish = good for currency)

Thursday, July 26th

• 1:30pm USD Core Durable Goods Orders (0.1% expected, > good for currency)
• 1:30pm USD Weekly Initial Jobless Claims (381K expected, < good for currency)
• 3:00pm USD Pending Home Sales (0.8% expected, > good for currency)  

Friday, July 27th

• 1:30pm USD Advance GDP (1.5% expected, > good for currency)

Technical Forecast and Levels to Watch for the Majors This Week

EURUSD: Lower

Resistance:
Initial: 1.2162, 1.2288, 1.2323/33, 1.2407/96, 1.2519, 1.2588, 1.2623, 1.2668, 1.2692, 1.2747, 1.2857/86, 1.2904, 1.2946/94, 1.3000/55, 1.3133/59, 1.3211/24 and 1.3251/92.
Above: 1.3321, 1.3376/85, 1.3433, 1.3485/95, 1.3546/68, 1.3614, 1.3795/98, 1.3836, 1.3969, 1.4000, 1.4246, 1.4500/17, 1.4695 and 1.4939.

Support:
Initial: 1.2143, 1.1938, 1.1876, 1.1639, 1.0762 and 1.0206.
Below: 0.9607, 0.9599, 0.9338, 0.8410, 0.8347 and 0.8225.

USDJPY: Mildly Higher

Resistance:
Initial: 78.59/99, 79.07/17, 79.40/49, 79.74/79, 79.94/80.22, 80.56/61, 80.82, 81.14/46, 81.76/96, 82.01/22, 82.53 and 82.64.
Above: 83.01/83.96, 84.09/17, 84.51, 84.80, 85.51, 85.92, 87.11/13, 87.95, 93.77 and 94.97.

Support:
Initial: 78.28/37, 78.06, 77.00, 77.66, 77.89, 76.73/83 and 76.02/41.
Below: 75.94/98, 75.70 and 75.56.

GBPUSD: Mildly Lower

Resistance:
Initial: 1.5624/50, 1.5668/91, 1.5714/37, 1.5777/81, 1.5804/07, 1.5890, 1.5907, 1.5921/27, 1.5983/90, 1.6035, 1.6061/92, 1.6109 and 1.6182/98.
Above: 1.6297, 1.6301, 1.6452/56, 1.6474, 1.6546, 1.6570, 1.6589/98, 1.6616, 1.6741/45 and 1.6876.

Support:
Initial: 1.5580/1.5601, 1.5514/16, 1.5460/99, 1.5403, 1.5392, 1.5375, 1.5293, 1.5267/77, 1.5267, 1.5232 and 1.5123.
Below: 1.5066, 1.5000, 1.4785/98, 1.4348, 1.4232, 1.3653 and 1.3501. 

AUDUSD: Mildly Higher

Resistance:
Initial: 1.0384, 1.0422, 1.0443/51, 1.0474/98, 1.0508, 1.0556, 1.0596 and 1.0608/38.
Above: 1.0654, 1.0668/86, 1.0751/53, 1.0792/98, 1.0842/54, 1.1010, 1.1064 and 1.1079.

Support:
Initial: 1.0303/19, 1.0280, 1.0257/66, 1.0216/23, 1.0177, 1.0117, 1.0099/1.0100, 1.0052, 1.0000/18, 0.9925/83, 0.9900, 0.9896, 0.9861/63, 0.9849, 0.9794, 0.9732, 0.9620/89, 0.9585, 0.9536/41, 0.9500 and 0.9486.
Below: 0.9382/86, 0.9341, 0.9329, 0.9221, 0.8915, 0.8734, 0.8578 and 0.8066/81.

USDCAD: Mildly Lower

Resistance:
Initial: 1.0128, 1.0142/72, 1.0199/1.0232, 1.0249, 1.0262/1.0311, 1.0334/37, 1.0353/61, 1.0415/23, 1.0438/39, 1.0481 and 1.0500.
Above: 1.0506, 1.0522, 1.0646/56, 1.0669 and 1.0742/85.

Support:
Initial: 1.0105, 1.0018/99, 0.9924/97, 0.9906, 0.9828/99, 0.9789/99 and 0.9724.
Below: 0.9686, 0.9645, 0.9525, 0.9445 and 0.9405.

NZDUSD: Mildly Higher

Resistance:
Initial: 0.7996, 0.8013, 0.8038, 0.8052/99, 0.8109/35, 0.8204, 0.8227, 0.8240/62, 0.8279 and 0.8294.
Above: 0.8317/95, 0.8405, 0.8420/27, 0.8504, 0.8571, 0.8764 and 0.8841.

Support:
Initial: 0.7906/50, 0.7804/88, 0.7783/95, 0.7723, 0.7605/76, 0.7552/85, 0.7521, 0.7500 and 0.7404/67.
Below: 0.7321/69, 0.7189, 0.7115, 0.7099, 0.7000, 0.6945/62, 0.6793, 0.6686, 0.6560, 0.5914/28 and 0.5012.