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 May 7th – May 11th, 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, May 6^th

• All Day EUR French Presidential Election
• All Day EUR Greek Parliamentary Election

Monday, May 7^th

• 1:30am AUD Building Approvals (3.2%, > good for currency)
• 1:30am AUD Retail Sales (0.3%, > good for currency)
• 7:00am CHF Foreign Currency Reserves (last 237.5B, > good for currency)
• All Day GBP Bank Holiday
• 7:15am CHF CPI (0.2%, > good for currency)
• 12:30pm CAD Building Permits (2.3%, > good for currency)

Tuesday, May 8^th

• 1:30am AUD Trade Balance (-1.37B, > good for currency)
• All Day EUR French Bank Holiday
• 9:30am AUD Annual Budget Release (hawkish = good for currency)
• 9:00pm NZD RBNZ Financial Stability Report (hawkish = good for currency)

Wednesday, May 9^th

• 11:50pm JPY Current Account (0.65T, > good for currency)

Thursday, May 10^th

• 1:30am AUD Employment Change (-4.2K, > good for currency)
• 1:30am AUD Unemployment Rate (5.3%, > good for currency)
• Tentative CNY Trade Balance (9.8B, > good for currency)
• 8:30am GBP Manufacturing Production (0.4%, > good for currency)
• 11:00am GBP Asset Purchase Facility (325B, > good for currency)
• 11:00am GBP Official Bank Rate (0.50%, > good for currency)
• Tentative GBP MPC Rate Statement (hawkish = good for currency)
• 12:30pm CAD Trade Balance (0.8B, > good for currency)
• 12:30pm USD Trade Balance (-49.6B, > good for currency)
• 12:30pm USD Weekly Initial Jobless Claims (372K, > good for currency)
• 1:30pm USD Fed Chairman Bernanke speaks (hawkish = good for currency)

Friday, May 11^th

• 1:30am CNY CPI (3.5%, > good for currency)
• 8:30am GBP PPI Input (-0.8%, > good for currency)
• 12:30pm CAD Employment Change (12.9K, > good for currency)
• 12:30pm CAD Unemployment Rate (7.3%, > good for currency)
• 12:30pm USD PPI (0.0%, > good for currency)
• 1:55pm USD Preliminary University of Michigan Consumer Sentiment (76.5, > good for currency)

Technical Forecast and Levels to Watch for the Majors This Week

EURUSD: Lower

Resistance:
Initial: 1.3133/59, 1.3211/24, 1.3251, 1.3269, 1.3284/92, 1.3321, 1.3376/85, 1.3433, 1.3485/95, 1.3546/68, 1.3614 and 1.3795/98.
Above: 1.3836, 1.3969, 1.4000, 1.4246, 1.4500/17, 1.4695 and 1.4939.

Support:
Initial: 1.3055, 1.3032/34, 1.3000/25, 1.2946/94 and 1.2917.
Below: 1.2886, 1.2857/77 and 1.2623/65.

USDJPY: Mildly Lower

Resistance:
Initial: 79.96/80.22, 80.56/58, 80.82, 81.14/46, 81.76/96, 82.01/22, 82.53, 82.64, 83.01/09, 83.17, 83.37, 83.77, 83.96, 84.09/17, 84.51, 84.80, 85.51 and 85.92.
Above: 87.11/13, 87.95, 93.77 and 94.97.

Support:
Initial: 79.52, 79.40, 79.05, 78.66, 78.06/28.
Below: 77.00/89, 76.73/83, 76.41, 76.10, 76.02, 75.94 and 75.56/70.

GBPUSD: Lower

Resistance:
Initial: 1.6192, 1.6297, 1.6301, 1.6452/56 and 1.6474.
Above: 1.6546, 1.6570, 1.6589/98, 1.6616, 1.6741/45 and 1.6876.

Support:
Initial: 1.6109, 1.6092, 1.6075/80, 1.6061, 1.6035, 1.5983/90, 1.5921/27, 1.5907, 1.5890, 1.5804/07, 1.5717/81, 1.5685/91, 1.5668, 1.5643/47, 1.5624/29, 1.5601 and 1.5516/85.
Below: 1.5465/99, 1.5422, 1.5410, 1.5375, 1.5293, 1.5270/77, 1.5232, 1.5123 and 1.5000. 

AUDUSD: Lower

Resistance:
Initial: 1.0216/66, 1.0303/84, 1.0422, 1.0444/51, 1.0474/98, 1.0508, 1.0556, 1.0596, 1.0608, 1.0627/38, 1.0654, 1.0668/70 and 1.0686.
Above: 1.0751/53, 1.0792/98, 1.0842, 1.0854, 1.1010, 1.1064 and 1.1079.

Support:
Initial: 1.0100/16, 1.0000/52, 0.9925/83, 0.9900, 0.9861/63 and 0.9732.
Below: 0.9620/89, 0.9536/41, 0.9500, 0.9486, 0.9386, 0.9341 and 0.9220.

USDCAD: Mildly Higher

Resistance:
Initial: 0.9969, 0.9997, 1.0018/78, 1.0105/42, 1.0160/99, 1.0207/32, 1.0262/87, 1.0297, 1.0302 and 1.0334/37.
Above: 1.0415/23, 1.0438, 1.0481, 1.0500, 1.0506, 1.0522, 1.0646/56, 1.0669 and 1.0742/85.

Support:
Initial: 0.9947, 0.9924/27, 0.9906, 0.9828/99, 0.9799, 0.9796, 0.9789 and 0.9724.
Below: 0.9686, 0.9645, 0.9525, 0.9445 and 0.9405.

NZDUSD: Lower

Resistance:
Initial: 0.7955, 0.7979, 0.7993/96, 0.8057/99, 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 0.7804/88, 0.7723/95, 0.7605/72, 0.7568 and 0.7500/52.
Below: 0.7404/67, 0.7369, 0.7342, 0.73210.7189, 0.7115, 0.7000, 0.6945/62, 0.6793 and 0.6560.