Weekly Market Review 9 of July

As we enter the earning season investors will keep an open eye on Google and JP reports that represent an excellent indicator to the financial and tech/web sectors.

The U.S dollar opened stronger against most asset classes: stronger against the Euro and the gold compared to Fridays close.

Fridays NFP data, failed to boost investors confidence for a recovery, with only 80,000 jobs created compared to the 90,000 expected.

Key data this coming week:

Between the 9 – 13 of the month – Google will publish its quarterly report.

End of the 13th trading session – JPMorgan will publish its quarterly results.

9th 12:30 E.U – ECB presidents speaks.

9th 14:30 Canada – BOC outlook.

10th 8:30 U.K Industrial production (monthly).

11th 12:30 U.S Trade balance.

11th 12:30 Canada Trade balance.

12th 1:30 Australia Unemployment report.

12th Japan BOJ press release – no time determent yet.

12th 12:30 U.S Initial Jobless claims.

12th 17:00 ECB president speaks.

13th 12:30 core PPI.

13th 14:00 Michigan inflation and consumer report.

Euro – Euro is testing its long term support and is expected to bounce at 1.225 levels, this support is expected to broken to the down side after testing the 1.233 levels. Next resistance level is at 1.241 and although it might be tested is not expected to be broken for the up side, with a very strong sell signal for both short (less than an hour) and long term (day or weekly expirations). 

Oil is trading in a volatile channel for the last two weeks with long term support at 77$ and short term support at 80$, only a break of its short term resistance of 90$ and then again at 93$ will change our view for a weaker oil till the end of the month. For long term traders (expiries of a month or longer) the 80$ level looks interesting as an initial buy. For short term traders (up to an hour) consider selling above 85.2$ and buying below 84.3