{"id":24206,"date":"2011-10-02T20:50:34","date_gmt":"2011-10-03T00:50:34","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=24206"},"modified":"2011-10-02T20:50:34","modified_gmt":"2011-10-03T00:50:34","slug":"weekly-forex-market-outlook-october-3-7","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2011\/10\/02\/weekly-forex-market-outlook-october-3-7\/","title":{"rendered":"Weekly Forex Market Outlook (October 3-7)"},"content":{"rendered":"

Fundamental Forex Market Outlook for the Upcoming Week<\/strong><\/p>\n

The key fundamental economic events that can strongly influence the forex market this week feature the U.S. Non-Farm Payrolls data (51K) due out on Friday and the RBA, BOE, ECB and BOJ rate decisions scheduled for this week. 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.<\/p>\n

Monday\u2019s economic data features the results of the Japanese Tankan Manufacturing Index (2), Swiss Retail Sales (4.5%), UK Manufacturing PMI (48.9), U.S. ISM \"\"<\/a>Manufacturing PMI (50.5), and New Zealand\u2019s NZIER Business Confidence (last 27).<\/p>\n

Tuesday\u2019s key data includes Aussie Building Approvals (1.1%), Trade Balance (2.14B) and RBA Rate Decision (4.75%), plus UK Halifax HPI (Oct 4th-7th, last -1.2%), UK Construction PMI (51.7), plus a speech by ECB President Trichet and testimony by Fed Chairman Bernanke.<\/p>\n

On Wednesday, the market will closely monitor Aussie Retail Sales (0.3%), the UK Current Account (-10.4B) and Services PMI (50.7), plus the key U.S. numbers that include ADP Non-Farm Employment Change (76K) and ISM Non-Manufacturing PMI (53.1).<\/p>\n

Thursday will see the release of the BOE\u2019s Rate Decision (0.5%) and Asset Purchase Facility (200B), the ECB\u2019s Rate Decision (1.50%) and Press Conference, Canadian Building Permits (0.6%) and Ivey PMI (58.2), plus U.S. Weekly Initial Jobless Claims (411K) and Pending Home Sales (-1.6).<\/p>\n

Friday\u2019s schedule features this week\u2019s highlighted U.S. Non-Farm Payrolls (51K) and Unemployment Rate (9.1%) data, as well as the tentatively scheduled BOJ Rate Decision (<0.10%) and Press Conference, UK PPI Input (1.4%), and the Canadian Employment Change (19.6K) and Unemployment Rate (7.3%).<\/p>\n

Technical Forex Market Outlook for the Upcoming Week<\/strong><\/p>\n

EUR\/USD:<\/strong>
\nWeekly Forecast:<\/strong> Lower
\nResistance:<\/strong> 1.3362, 1.3384, 1.3494, 1.3566, 1.3586, 1.3689, 1.3720, 1.3743, 1.3796, 1.3936, 1.3972, 1.4103, 1.4147, 1.4258, 1.4279, 1.4327 and 1.4499\/1.4503.
\nSupport:<\/strong> 1.3333, 1.3244, 1.3055, 1.3000, 1.2968, 1.2873, 1.2733, 1.2643 and 1.2586.
\n200-day MA:<\/strong> 1.4054 and slowly rising.
\n14-day RSI:<\/strong> 30.4 and falling.<\/p>\n

\"\"<\/a><\/p>\n

USD\/JPY:<\/strong>
\nWeekly Forecast:<\/strong> Somewhat higher.
\nResistance:<\/strong> 77.19, 77.30\/37, 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.
\nSupport:<\/strong> 77.01, 76.88\/96, 76.69, 76.56, 76.32, 76.25, 76.14, 76.10, 75.94, 75.00 and 70.00.
\n200-day MA:<\/strong> 80.43 and falling.
\n14-day RSI:<\/strong> 53.0 and rising.<\/p>\n

\"\"<\/a><\/p>\n

GBP\/USD:<\/strong>
\nWeekly Forecast:<\/strong> Higher
\nResistance:<\/strong> 1.5632, 1.5664, 1.5685, 1.5705, 1.5714, 1.5745, 1.5839, 1.5867, 1.5883, 1.5912\/19, 1.5951, 1.6000, 1.6037, 1.6081, 1.6130, 1.6204\/06 and 1.6252\/59.
\nSupport:<\/strong> 1.5531, 1.5483, 1.5422, 1.5373, 1.5343\/55, 1.5326, 1.5293, 1.5123, 1.5000, 1.4947, 1.4872, 1.4785\/97, 1.4500, 1.4474, 1.4345 and 1.4229.
\n200-day MA:<\/strong> 1.6128 and rising mildly.
\n14-day RSI:<\/strong> 37.4 and rising.<\/p>\n

\"\"<\/a><\/p>\n

USD\/CHF:<\/strong>
\nWeekly Forecast:<\/strong> Somewhat higher.
\nResistance:<\/strong> 0.9180, 0.9294, 0.9300, 0.9327, 0.9339, 0.9368, 0.9774\/83, 0.9971, 0.9997, 1.0000 and 1.0065.
\nSupport:<\/strong> 0.9000, 0.8994, 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.
\n200-day MA:<\/strong> 0.8790 and falling mildly.
\n14-day RSI:<\/strong> 69.7 and flat.<\/p>\n

\"\"<\/a><\/p>\n

AUD\/USD:<\/strong>
\nWeekly Forecast:<\/strong> Somewhat higher
\nResistance:<\/strong> 0.9700\/04, 0.9731, 0.9803, 0.9842\/64, 1.0000, 1.0077, 1.0146, 1.0176, 1.0296, 1.0310, 1.0347, 1.0360, 1.0373\/96, 1.0473, 1.0481, and 1.0511.
\nSupport:<\/strong> 0.9689, 0.9667, 0.9651, 0.9620, 0.9536\/41, 0.9500, 0.9462, 0.9330, 0.9220, 0.9077, 0.9000, 0.8870, 0.8858, 0.8632, 0.8550 and 0.8066\/81.
\n200-day MA:<\/strong> 1.0387 and falling mildly.
\n14-day RSI:<\/strong> 29.2 oversold and falling.<\/p>\n

\"\"<\/a><\/p>\n

USD\/CAD:<\/strong>
\nWeekly Forecast:<\/strong> Somewhat lower
\nResistance:<\/strong> 1.0490, 1.0500, 1.0506, 1.0646, 1.0669, 1.0742, 1.0756, 1.0785, 1.0853, 1.0868, 1.1000, and 1.1101\/23.
\nSupport:<\/strong>\u00a0 1.0372\/84, 1.0347\/56, 1.0322, 1.0360, 1.0255, 1.0236, 1.0208, 1.0139, 1.0088, 1.0057, and 0.9939\/1.0030.
\n200-day MA:<\/strong> 0.9784 and rising mildly.
\n14-day RSI:<\/strong> 74.6 overbought and rising.<\/p>\n

\"\"<\/a><\/p>\n

NZD\/USD:<\/strong>
\nWeekly Forecast:<\/strong> Somewhat higher
\nResistance:<\/strong> 0.7635, 0.7654\/65, 0.7716, 0.7750\/54, .07816, 0.7851, 0.7892, 0.7950\/62, 0.8000\/44 and 0.8060\/93.
\nSupport:<\/strong> 0.7605, 0.7549, 0.7523, 0.7504, 0.7500, 0.7453, 0.7426, 0.7404, 0.7342, 0.7321, 0.7189, 0.7115, 0.7000 and 0.6945\/62.
\n200-day MA:<\/strong> 0.7956 and rising.
\n14-day RSI:<\/strong> 27.4 oversold and falling.<\/p>\n

\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The key fundamental economic events that can strongly influence the forex market this week feature the U.S. Non-Farm Payrolls data (51K) due out on Friday and the RBA, BOE, ECB and BOJ rate decisions scheduled for this week.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-24206","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/24206","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=24206"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/24206\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=24206"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=24206"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=24206"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}