The key fundamental economic events that can strongly influence the forex market this week feature Australian Monetary Policy Meeting Minutes out from the RBA on Tuesday and the MPC’s Meeting Minutes out on Wednesday. Additional key economic releases due out this week are detailed further below, with the current market consensus expectations or the last result included in parenthesis whenever available.
Monday will be relatively quiet, with the day’s highlight being the BOC Business Outlook Survey. Tuesday will be busier and its key economic events include the RBA
On Wednesday, the market will closely monitor the BOE’s MPC Meeting Minutes (0-0-9), U.S. Building Permits (0.61M) and U.S. Core CPI (0.2%).
Thursday will see the release of the closely watched U.K. Retail Sales (0.1%), and U.S numbers including Weekly Initial Jobless Claims (405K), Existing Home Sales (4.94M) and the Philly Fed Manufacturing Index (-9.0).
Friday’s schedule closes out the week featuring the German Ifo Business Climate survey (106.3), U.K. Public Sector Net Borrowing (11.9B) and Canadian Core CPI (0.2%.
Weekly Forecast: Lower
Resistance: 1.3893, 1.3936, 1.3972, 1.4103, 1.4147, 1.4258, 1.4279, 1.4327, 1.4499/1.4503, 1.4548/74, 1.4695 and 1.4939.
Support: 1.3832, 1.3796, 1.3720/43, 1.3684/97,1.3565, 1.3520/24, 1.3450, 1.3360, 1.3333, 1.3241/44, 1.3145, 1.3055, 1.3000, 1.2968, 1.2873, 1.2733, 1.2643 and 1.2586.
200-day MA: 1.4075 and rising.
14-day RSI: 56.7 and rising.
Weekly Forecast: Lower
Resistance: 1.5839/67, 1.5883, 1.5912/19, 1.5951, 1.6000, 1.6037, 1.6081, 1.6130, 1.6204/06, 1.6252/59, 1.6332/47, 1.6434/52 and 1.6500/98.
Support: 1.5632/85, 1.5525/31, 1.5483, 1.5422, 1.5373, 1.5339/55, 1.5326, 1.5293, 1.5270, 1.5123, 1.5000, 1.4947, 1.4872, 1.4785/97, 1.4500, 1.4474, 1.4345 and 1.4229.
200-day MA: 1.6134 and rising slightly.
14-day RSI: 54.0 and rising.
Weekly Forecast: Somewhat lower
Resistance: 77.19/47, 77.71, 77.85, 78.02, 78.66, 79.05, 79.40, 80.00, 80.22, 80.82, 81.34, 81.76, 82.01/22, 82.77, 83.09 and 83.77.
Support: 77.04, 76.90, 76.50/69, 76.30/32, 76.25, 76.14, 76.10, 75.94, 75.00 and 70.00.
200-day MA: 80.14 and falling.
14-day RSI: 54.6 and flat.
Weekly Forecast: Somewhat lower
Resistance: 0.9180, 0.9277/0.9339, 0.9368, 0.9774/83, 0.9971, 0.9997, 1.0000 and 1.0065.
Support: 0.8979, 0.8916/26, 0.8883, 0.8873, 0.8797, 0.8788, 0.8728, 0.8646, 0.8622, 0.8536, 0.8239 and 0.8000.
200-day MA: 0.8769 and falling mildly.
14-day RSI: 52.2 and falling.
Weekly Forecast: Higher
Resistance: 1.0341/60, 1.0373/96, 1.0473, 1.0481, 1.0511, 1.0564/70, 1.0599, 1.0624, 1.0633, 1.0659, 1.0683/93, 1.0718/26, 1.0763, 1.0784, 1.0909, 1.1000/15, and 1.1064/79.
Support: 1.0229, 1.0100, 1.0012, 0.9863, 0.9732, 0.9689, 0.9667, 0.9651, 0.9620/27, 0.9536/41, 0.9500, 0.9462, 0.9386, 0.9330, 0.9220, 0.9077, 0.9000, 0.8870, 0.8858, 0.8632, 0.8550 and 0.8066/81.
200-day MA: 1.0381 and rising slightly.
14-day RSI: 59.8 and rising.
Weekly Forecast: Lower
Resistance: 1.0132, 1.0233, 1.0271, 1.0337, 1.0417, 1.0481/90, 1.0500, 1.0506, 1.0646/56, 1.0669, 1.0742, 1.0756, 1.0785, 1.0853, 1.0868, 1.1000, and 1.1101/23.
Support: 0.9939/1.0030, 0.9828/77, 0.9763/96, 0.9734/39, 0.9724, 0.9686, 0.9645, 0.9567, 0.9526, 0.9496, 0.9448/56, 0.9422, 0.9405/09, 0.9056 and 0.9000.
200-day MA: 0.9800 and rising mildly.
14-day RSI: 44.9 and falling.
Weekly Forecast: Higher
Resistance: 0.8000/93, 0.8109/19, 0.8126/40, 0.8150/90, 0.8269/78, 0.8327/39, 0.8365/86, 0.8423, 0.8469/72, 0.8500, 0.8534/75, 0.8676, 0.8764, 0.8793 and 0.8841.
Support: 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, 0.7342, 0.7321, 0.7189, 0.7115, 0.7000 and 0.6945/62.
200-day MA: 0.7964 and rising mildly.
14-day RSI: 54.2 and rising.
