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Weekly Forex Market Forecasts for February 6th – February 10th

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 February 6th – February 10th, 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.

Read more news from the forex market

Technical Forecast and Levels to Watch for the Majors This Week

Sunday, February 5th

All Day NZD Bank Holiday

Monday, February 6th            

12:30am AUD Retail Sales (0.3% expected, > good for currency)

1:45am CNY Caixin Services PMI (53.6 expected)

7:00am EUR German Factory Orders (0.6% expected, > good for currency)

7th-12th USD Mortgage Delinquencies (last 4.52%, < good for currency)

Tuesday, February 7th

2:00am NZD Inflation Expectations (last 1.7%, > good for currency)

3:30am AUD Cash Rate (1.50% expected, > good for currency)

3:30am AUD RBA Rate Statement (hawkish = good for currency)

8:30am GBP Halifax HPI (0.2% expected, > good for currency)

1:30pm CAD Trade Balance (1.2B expected, > good for currency)

1:30pm CAD Building Permits (last -0.1%, > good for currency)

1:30pm USD Trade Balance (-45.0B expected, > good for currency)

Tentative NZD GDT Price Index (last 0.6%, > good for currency)

3:00pm CAD Ivey PMI (58.3 expected, > good for currency)

3:00pm USD JOLTS Job Openings (5.56M expected, > good for currency)

Wednesday, February 8th

Tentative EUR           EU Economic Forecasts (hawkish = good for currency)

3:30pm USD Crude Oil Inventories (last 6.5M, > good for currency)

8:00pm NZD Official Cash Rate (1.75% expected, > good for currency)

8:00pm NZD RBNZ Rate Statement (hawkish = good for currency)

8:00pm NZD RBNZ Monetary Policy Statement (hawkish = good for currency)

9:00pm NZD RBNZ Press Conference (hawkish = good for currency)

Thursday, February 9th

12:10am NZD RBNZ Governor Wheeler speaks (hawkish = good for currency)

12:30am AUD NAB Quarterly Business Confidence (last 5, > good for currency)

9:00am AUD RBA Governor Lowe speaks (hawkish = good for currency)

1:30pm CAD NHPI (0.3% expected, > good for currency)

1:30pm USD Weekly Initial Jobless Claims (249K expected, < good for currency)

6:10pm USD FOMC Member Evans speaks (hawkish = good for currency)

Friday, February 10th

12:30am AUD RBA Monetary Policy Statement (hawkish = good for currency)

Tentative CNY           Trade Balance (295B expected)

9:30am GBP Manufacturing Production (0.3% expected, > good for currency)

9:30am GBP Goods Trade Balance (-11.5B expected, > good for currency)

1:30pm CAD Employment Change (last 53.7K, > good for currency)

1:30pm CAD Unemployment Rate (last 6.9%, < good for currency)

1:30pm USD Import Prices (0.4% expected, > good for currency)

3:00pm USD Preliminary University of Michigan Consumer Sentiment (97.9 expected, > good for currency)

Saturday, February 11th

12:30pm USD FOMC Member Fischer speaks (hawkish = good for currency)                                                                              

Technical Forecast and Levels to Watch for the Majors This Week

EURUSD: Higher

Resistance:

Initial: 1.0762/95, 1.0804/11, 1.0818/33, 1.0847/58, 1.0866, 1.0872/73, 1.0882/86, 1.0896, 1.0911/17, 1.0951/70, 1.0983/86, 1.0991/98, 1.1001/10, 1.1015/28, 1.1038/60, 1.1066/72, 1.1083, 1.1091/97, 1.1103/04, 1.1111/59, 1.1164/81, 1.1186/1.1204, 1.1211/21, 1.1233/36, 1.1244/83, 1.1294/1.1303, 1.1317/18, 1.1322/48, 1.1354/66, 1.1373/97, 1.1415/64, 1.1483, 1.1494/98, 1.1533, 1.1615, 1.1642, 1.1713, 1.1753, 1.1866/77, 1.1900/01, 1.1938, 1.1975, 1.2041, 1.2133, 1.2143, 1.2162/64, 1.2219, 1.2241/55, 1.2270/72, 1.2323/33, 1.2357/62, 1.2381/94, 1.2407/39, 1.2455, 1.2494/96, 1.2500/01, 1.2514/19, 1.2531, 1.2545, 1.2569/70, 1.2588/89, 1.2605, 1.2613, 1.2623/25, 1.2661/63, 1.2676, 1.2692/98, 1.2715, 1.2744/54, 1.2791/1.2805, 1.2815/21, 1.2834/79, 1.2900/04, 1.2919/21 and 1.2978/98.

Above: 1.3000/03, 1.3047, 1.3059/66, 1.3077, 1.3093/1.3109, 1.3126/30, 1.3152/65, 1.3172/77, 1.3187/1.3206, 1.3220/42, 1.3294/99, 1.3305/08, 1.3318/24, 1.3332/35, 1.3344/53, 1.3366, 1.3376/89, 1.3398/1.3416, 1.3432/44, 1.3451, 1.3473/82, 1.3489/1.3524, 1.3538, 1.3546/88, 1.3597, 1.3602/15, 1.3621/31, 1.3639/50, 1.3663/76, 1.3682/86, 1.3685/1.3710, 1.3714/16, 1.3731/39, 1.3748, 1.3758/74, 1.3784/98, 1.3807, 1.3810/20, 1.3824, 1.3832/36, 1.3845/54, 1.3864, 1.3875/78, 1.3888/92, 1.3905/14, 1.3937, 1.3947, 1.3966/69, 1.3993/1.4000, 1.4246, 1.4500/17, 1.4695 and 1.4939.

Support:                                 

Initial: 1.0736, 1.0718, 1.0707/08, 1.0684/89, 1.0669, 1.0652/57, 1.0616/20, 1.0591/95, 1.0588, 1.0578, 1.0565/68, 1.0551, 1.0517/24, 1.0504, 1.0498/99, 1.0461, 1.0371, 1.3065, 1.0351, 1.0339, 1.0206 and 1.0104.

Below: 0.9607/21, 0.9599, 0.9451, 0.9338, 0.8840, 0.8822/28, 0.8594 and 0.8562.

USDJPY: Lower

Resistance:

Initial: 112.51/56, 112.86, 112.98, 113.04, 113.12, 113.38, 113.49, 113.79, 113.89, 113.98, 114.12, 114.55/65, 114.73/87, 115.06, 115.37, 115.56/61, 115.85, 115.92, 116.03/14, 116.28, 116.50/54, 116.82/117.02, 117.23, 117.43, 117.52, 117.65/80, 117.93/99, 118.04/05, 118.23/45, 118.60/67, 118.85/97, 119.01/06, 119.21/28, 119.37/46, 119.61/65, 119.80 and 119.95.

Above: 120.00/10, 120.17/27, 120.34/47, 120.56, 120.62/65, 120.73/82, 121.02, 121.19/23, 121.27/38, 121.48/49, 121.62/68, 121.80/84, 121.96, 122.01, 122.22/30, 122.44, 122.60/68, 122.87, 123.12, 123.25, 123.42/49, 123.71/78, 123.95, 124.05, 124.11/14, 124.22, 124.35/38, 124.43/46, 125.06, 125.27, 125.40, 125.67/75, 126.17, 126.41, 126.90 and 135.19.

Support:

Initial: 112.30, 112.15, 112.01/07, 111.78/88, 111.60/66, 111.35/44, 110.97/111.03, 110.66, 110.58, 110.39/47, 110.26, 110.08, 109.89/90, 109.72, 109.53/54, 109.41/45, 109.10, 108.98, 108.71, 108.54, 108.42/46, 108.22/24, 108.00, 107.83/89, 107.62/66, 107.48, 107.38/39, 107.18, 107.05, 106.94, 106.72/82, 106.54, 106.31/36, 106.15/25, 105.70, 105.52/59, 105.41/43, 105.30/33, 105.18, 105.05, 104.83/91, 104.63/68, 104.47, 104.31/36, 104.07/26, 103.91/98, 103.82, 103.73/75, 103.54/58, 103.37/43, 103.30, 103.16, 102.92/103.08, 102.49/85, 102.33/40, 102.24/26, 102.13/14, 101.90/102.04, 101.60/83, 101.50/56, 101.41/45, 101.30/32, 101.08/27, 100.82/92, 100.75, 100.60/67, 100.38/48, 100.19/22, 99.93/100.09, 99.64/66, 99.53, 99.40, 99.25, 99.13/14, 98.84/99.00, 98.63/72, 98.48/53, 98.28, 98.20, 98.08, 97.75/83, 97.49/63, 96.90/97.05, 96.81, 96.65/70, 96.55/56 and 96.05.

Below: 95.79/80, 95.44, 94.90/95.07, 94.87, 94.55, 94.19, 94.05, 93.76, 93.78 93.68, 93.50, 93.17, 92.77/95, 92.14/30, 91.19, 90.85, 90.20/32, 89.40/66, 88.05, 87.95/99 and 87.79.

GBPUSD: Lower

Resistance:

Initial: 1.2511/15, 1.2530, 1.2548/56, 1.2672/73, 1.2705, 1.2727/36, 1.2774, 1.2794, 1.2849, 1.2863/79, 1.2902, 1.2914, 1.2944/45, 1.2955, 1.2991/96, 1.3020, 1.3033, 1.3056/63, 1.3078/79, 1.3093, 1.3104, 1.3119/20, 1.3137, 1.3204, 1.3227, 1.3238, 1.3272/89, 1.3300, 1.3314, 1.3339/46, 1.3352, 1.3371, 1.3415, 1.3444, 1.3477/80, 1.3501, 1.3532, 1.3561, 1.3653, 1.3683, 1.3835/40, 1.3853, 1.3877, 1.4000/11, 1.4041, 1.4052/56, 1.4079, 1.4089, 1.4108, 1.4130, 1.4148, 1.4170/79, 1.4232/34, 1.4247/51, 1.4298, 1.4321/25, 1.4331, 1.4345/51, 1.4361, 1.4374, 1.4385, 1.4396, 1.4406/18, 1.4432/44, 1.4451/72, 1.4513, 1.4529/34, 1.4546, 1.4581, 1.4603, 1.4615, 1.4634/37, 1.4659/69, 1.4692/98, 1.4725/38, 1.4768, 1.4785, 1.4812, 1.4830, 1.4856, 1.4868, 1.4872, 1.4884, 1.4913, 1.4927, 1.4943/50, 1.4966/67, 1.4985/88, 1.5007, 1.5013/17, 1.5026/33, 1.5053/56, 1.5072/77, 1.5081, 1.5092, 1.5101/06, 1.5123, 1.5130/36, 1.5152/64, 1.5173/80, 1.5185/87, 1.5195/99, 1.5208/23, 1.5236/41, 1.5260/68, 1.5276, 1.5293, 1.5304/05, 1.5313/51, 1.5382/84, 1.5392, 1.5403/40, 1.5457/58, 1.5467, 1.5476/85, 1.5496/99, 1.5505/08, 1.5514/20, 1.5529/33, 1.5538/51, 1.5561/68, 1.5584/96, 1.5601/19, 1.5624/27, 1.5646, 1.5656/58, 1.5669/74, 1.5683/92, 1.5714/17, 1.5725, 1.5750, 1.5763, 1.5775/89, 1.5803/07, 1.5817, 1.5825, 1.5844, 1.5853, 1.5874/77, 1.5886/93, 1.5900/27, 1.5948/61, 1.5975/94, 1.6001/08, 1.6051/66, 1.6071/83, 1.6096/98, 1.6109/21, 1.6130/36, 1.6155, 1.6161, 1.6177/83, 1.6195/98, 1.6204/16, 1.6222/26, 1.6237/46, 1.6251/62, 1.6280/90, 1.6298/1.6309, 1.6336, 1.6348, 1.6357, 1.6376, 1.6380/83, 1.6394, 1.6400, 1.6415/18, 1.6441/44, 1.6458/65, 1.6484, and 1.6496.

Above: 1.6516, 1.6524, 1.6534, 1.6548, 1.6576/86, 1.6592, 1.6611/17, 1.6624, 1.6640/56, 1.6665/67, 1.6683, 1.6692/98, 1.6716/24, 1.6730/37, 1.6745, 1.6755, 1.6765/68, 1.6777, 1.6785, 1.6800/02, 1.6812, 1.6819/22, 1.6831/44, 1.6874/87, 1.6902/09, 1.6919/20, 1.6951, 1.6960, 1.6995, 1.7000, 1.7010, 1.7035, 1.7042/51, 1.7058/62, 1.7084, 1.7094/99, 1.7107, 1.7130, 1.7167, 1.7176/78, 1.7190 and 1.7440.

Support:

Initial: 1.2476, 1.2451, 1.2431, 1.2411/16, 1.2385/87, 1.2375, 1.2351, 1.2332, 1.2317/24, 1.2301, 1.2271, 1.2260, 1.2252, 1.2226/28, 1.2199/1.2200, 1.2170, 1.2131/35, 1.2113, 1.2081/88, 1.1991, 1.1954 and 1.1844.

Below: 1.0520.

AUDUSD: Higher

Resistance:

Initial: 0.7663/81, 0.7688/96, 0.7700/10, 0.7718/25, 0.7731/40, 0.7748/64, 0.7772/84, 0.7791/92, 0.7817, 0.7825, 0.7834/88, 0.7912, 0.7919, 0.7950, 0.7988, 0.8008, 0.8020, 0.8024/34, 0.8051, 0.8066/87, 0.8106, 0.8121, 0.8138, 0.8156, 0.8172, 0.8203/14, 0.8223, 0.8233, 0.8294, 0.8307, 0.8375, 0.8416, 0.8473/84, 0.8512, 0.8541, 0.8578, 0.8590, 0.8641, 0.8651/62, 0.8693, 0.8702, 0.8729, 0.8747/54, 0.8760/73, 0.8784, 0.8812, 0.8819/25, 0.8842/52, 0.8857/61, 0.8869, 0.8887/97, 0.8906/12, 0.8918/20, 0.8923/36, 0.8951/57, 0.8967/69, 0.8981/87, 0.8994/0.9010, 0.9035, 0.9041, 0.9042/48, 0.9054/57, 0.9061/66, 0.9072/79, 0.9102, 0.9110/19, 0.9127/37, 0.9147, 0.9162/67, 0.9179/89, 0.9200/08, 0.9214/26, 0.9232/74, 0.9286/94, 0.9304, 0.9311, 0.9328/34, 0.9343/53, 0.9359, 0.9386/0.9410, 0.9420/24, 0.9428/33, 0.9440/47, 0.9455/57, 0.9469 and 0.9483/86.

Above: 0.9500, 0.9524/27, 0.9536/42, 0.9571, 0.9585, 0.9592, 0.9620, 0.9640, 0.9664, 0.9676, 0.9689/96, 0.9710, 0.9732, 0.9757, 0.9791/94, 0.9841/96, 0.9900, 0.9925/83, 1.0000/18, 1.0052, 1.0099/1.0100, 1.0114/17, 1.0148/51, 1.0165/77 and 1.0181/82.

Support:

Initial: 0.7653/57, 0.7642/48, 0.7625/36, 0.7614/18, 0.7605/09, 0.7580/98, 0.7565/72, 0.7544/59, 0.7532, 0.7520/25, 0.7497/0.7514, 0.7486/92, 0.7468/76, 0.7452, 0.7440/46, 0.7413/20, 0.7405/07, 0.7393, 0.7362/79, 0.7356, 0.7337/43, 0.7310/26, 0.7295/0.7303, 0.7278/84, 0.7265/71, 0.7241/58, 0.7234, 0.7219/26, 0.7214/15, 0.7203/07, 0.7197, 0.7181/85, 0.7172/75, 0.7152/62, 0.7140/48, 0.7108, 0.7098, 0.7083, 0.7062/69, 0.7047, 0.7030/34, 0.7021/24, 0.7001/02, 0.6945, 0.6936/37, 0.6918, 0.6907, 0.6852, 0.6826, 0.6773, 0.6753, 0.6697, 0.6670 and 0.6555.

Below: 0.6339/41, 0.6317, 0.5804, 0.5795, 0.5730, 0.5645, 0.5490, 0.5399, 0.5228, 0.4815 and 0.4773.

USDCAD: Mildly Lower

Resistance:

Initial: 1.3018/28, 1.3037/39, 1.3047/54, 1.3062/73, 1.3080/89, 1.3097/99, 1.3101, 1.3115/19, 1.3129/39, 1.3143/47, 1.3161/68, 1.3174/90, 1.3194/99, 1.3212/17, 1.3233/35, 1.3241/53, 1.3260/64, 1.3270/83, 1.3295, 1.3305/16, 1.3323/25, 1.3352/57, 1.3367/77, 1.3385/99, 1.3404, 1.3415/16, 1.3432/34, 1.3456/72, 1.3504, 1.3524, 1.3534/36, 1.3556/63, 1.3586/88, 1.3597/1.3606, 1.3638, 1.3652/61, 1.3672, 1.3687, 1.3756, 1.3780, 1.3813/14, 1.3845, 1.3858, 1.3872, 1.3910, 1.3939/46 and 1.3992/1.4015.

Above: 1.4035, 1.4101, 1.4113, 1.4195, 1.4277, 1.4324, 1.4430, 1.4605/24, 1.4689/93, 1.4894, 1.5024, 1.5065, 1.5150, 1.5182, 1.5322, 1.5632, 1.5830, 1.5855, 1.6054 and 1.6196.

Support:

Initial: 1.2994/1.3014, 1.2964/89, 1.2950/57, 1.2935, 1.2922, 1.2900/14, 1.2884, 1.2875, 1.2860/64, 1.2856, 1.2830/36, 1.2821/22, 1.2797/98, 1.2770/78, 1.2757/62, 1.2742, 1.2716, 1.2693/96, 1.2677, 1.2654/62, 1.2631, 1.2625, 1.2615, 1.2613, 1.2609, 1.2585/92, 1.2563, 1.2537, 1.2497, 1.2471, 1.2456/61, 1.2448/58, 1.2436, 1.2421, 1.2406, 1.2386, 1.2378, 1.2361/66, 1.2351, 1.2333, 1.2287, 1.2244, 1.2126, 1.2091, 1.2045, 1.2030, 1.2016, 1.1976, 1.1933, 1.1886, 1.1872/75, 1.1841, 1.1802, 1.1794/96, 1.1723/29, 1.1670/72, 1.1666, 1.1547/90, 1.1475, 1.1457/65, 1.1443/47, 1.1391/92, 1.1384, 1.1331/39, 1.1310/12, 1.1289/95, 1.1263/77, 1.1254, 1.1221/29, 1.1190/94, 1.1168/73, 1.1158, 1.1152, 1.1141, 1.1116/32, 1.1102/09, 1.1097/99, 1.1081/89, 1.1069/70, 1.1030/53, 1.0982/1.1001, 1.0962/66, 1.0954/59, 1.0941/45, 1.0934, 1.0925/28, 1.0915, 1.0903/09, 1.0894, 1.0873/86, 0852/59, 1.0849, 1.0839/40, 1.0820/27, 1.0813, 1.0793/96, 1.0742/85, 1.0736, 1.0726, 1.0717, 1.0702/09, 1.0693, 1.0668/79, 1.0646/60, 1.0619/29, 1.0608,1.0580/87, 1.0567/71, 1.0558/59, 1.0546, 1.0519/22 and 1.0506.

Below: 1.0496/1.0502, 1.0471/87, 1.0459, 1.0441/44, 1.0414/18, 1.0401/04, 1.0390/92, 1.0379, 1.0355/68, 1.0333, 1.0324, 1.0309/12, 1.0283/1.0305, 1.0270/76, 1.0262, 1.0244/55, 1.0233/35, 1.0199/1.0226, 1.0172/82, 1.0165, 1.0151/56, 1.0148, 1.0128/42, 1.0103/05, 1.0081/99, 1.0050/56, 1.0029/34, 1.0018, 1.0012, 0.9993/98, 0.9984, 0.9969, 0.9945/60, 0.9931, 0.9922, 0.9902/07, 0.9899, 0.9858, 0.9814/26, 0.9724/99, 0.9686, 0.9645, 0.9631, 0.9525, 0.9445 and 0.9405.

NZDUSD: Higher

Resistance:

Initial: 0.7328/49, 0.7357/62, 0.7367/68, 0.7378, 0.7394, 0.7402/04, 0.7419/20, 0.7433, 0.7440/47, 0.7455/59, 0.7467, 0.7483/0.7500, 0.7528/55, 0.7585/95, 0.7609, 0.7605/59, 0.7679/97, 0.7705/35, 0.7751/58, 0.7760/64, 0.7763, 0.7779/83, 0.7791/95, 0.7804/08, 0.7819/29, 0.7838/48, 0.7856/57, 0.7863/78, 0.7888, 0.7903/06, 0.7925/37, 0.7967, 0.7989/0.8013, 0.8030, 0.8040, 0.8049/60, 0.8075/82, 0.8100/09, 0.8114/37, 0.8147/53, 0.8160/76, 0.8186, 0.8195/97, 0.8204/14, 0.8221/41, 0.8250/55, 0.8263, 0.8268/71, 0.8280, 0.8285/87, 0.8291/95, 0.8302/16, 0.8322/66, 0.8376, 0.8389, 0.8406, 0.8413, 0.8421/61, 0.8472/79, 0.8487/89 and 0.8499.

Above: 0.8504/18, 0.8523/37, 0.8542/53, 0.8560/61, 0.8571/78, 0.8584/90, 0.8602/05, 0.8633/41, 0.8647/53, 0.8660/67, 0.8671/74, 0.8693/0.8700, 0.8712/18, 0.8734, 0.8744, 0.8764/77, 0.8789, 0.8792, 0.8821, 0.8834 and 0.8840.

Support:

Initial: 0.7319/22, 0.7310/15, 0.7304/05, 0.7296, 0.7273/76, 0.7265, 0.7251/54, 0.7195/0.7240, 0.7174/83, 0.7162/69, 0.7138/47, 0.7102/16, 0.7085/91, 0.7076/79, 0.7065/69, 0.7034/59, 0.7014, 0.6996, 0.6978/84, 0.6947/70, 0.6923, 0.6890/95, 0.6881/84, 0.6872/76, 0.6857/63, 0.6828/45, 0.6804/21, 0.6790, 0.6784, 0.6771/73, 0.6750/60, 0.6734/38, 0.6720/24, 0.6706/13, 0.6693/96, 0.6666/85, 0.6639/41, 0.6616/20, 0.6584/0.6609, 0.6585, 0.6571/73, 0.6556/63, 0.6538/43, 0.6529, 0.6519 and 0.6504/07.

Below: 0.6491/97, 0.6466, 0.6447/55, 0.6435, 0.6423/27, 0.6415, 0.6400/07, 0.6396, 0.6379/88, 0.6345, 0.6287, 0.6269, 0.6254, 0.6248, 0.6242, 0.6234, 0.6022, 0.5991, 0.5926, 0.5914, 0.5682, 0.5673, 0.5608, 0.5637/41, 0.5480 and 0.5324.

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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