07-23-2010, 04:27 AM
What to Expect!
Chinese imports drop as global recovery is at risk
Risk markets testing key levels
2Q earnings season up and ready
Chinese oil imports may decline from this month's record high as waning energy demand reduces refining profits. "Slowing demand from China would put a lot of downward pressure on crude and \reinforce concerns among traders," said Victor Shum, a senior principal at energy consultants Purvin & Gertz Inc. in Singapore. "It's going to raise alarm bells."
What else has dropped? Copper drifted lower in European trade on Thursday as traders focused on a fall in copper imports from China, the world's top consumer, even though analysts say data showed only a modest fall. Imports of copper at around 397,000 tonnes came in slightly below forecasts, but analysts had expected a drop from April's 436,345 tonnes as measures to cool growth rates and slow property speculation took hold.
We've recently tested a number of major levels in just about every market. Euro tested a 15 month downtrend line dating back to November/December of 2009. The US dollar index has fallen to major support area, as well as the S & P.
The second quarter earnings will be the driving factor for the next few weeks and is likely to be reasonably positive due to cost cutting, productivity gains, companies making more with less.
With that being said, despite any good reports coming in, we still may see some caution with risk aversion, which could be contradictory to the earnings themselves.
What about the Technicals?
EUR/USD- A major trendline at the 1.2730 area has just been broken. We had a good indication it would keep going north as we saw a near perfect inverted head and shoulders form on the daily chart.
A nice set of fibs from the high on December 09 to the low on June 10 is drawn to show a possible target at the 0.382.
USD/JPY- Back to that long term trendline at the 87.00 area and a possible break through of this support could get this pair down to the next point of support at the 85.00. This is definitely a pair to keep on our radar.
How can I get more out of my Forex Education?
Webinars are a great way to expand your FX education. Most are free and you can learn from the comfort of your own home. FXV hosts many great educational webinars on many different trading subjects, so stay tuned for upcoming classes.
Check out Forexpros.com as we do have a webinar scheduled in August. You can also view archived manuscripts of our previous webinars there as well.
What's new at FXV?
We have so many exciting new changes taking place in our FX community.
Get connected with a touch of a button with our addition of Facebook, YouTube, and Vimeo.
Check out our new "Connect" section where you can see other trader's trades that they have shared with the community. Invite those trader's as friends so you can follow their trades and their successes!
FX V-room believes in the power of partnership. For this reason, we have established a number of partnerships within the Forex community. Check out our "Partners" section of our site.
Our Community is your forex community!
FXV is your trading community where we invite you to share your strategies, tips, advice, experience,
and anything else about the market to support each other. Remember, the more you share, the more our trading community grows and succeeds.
So invite, share, and learn!!
And as always, don't forget to print out the month's economic calendar so you're not caught unaware of those major releases that can move the market literally hundreds of pips! We have a very busy week ahead, economically speaking.
Happy Trading to all!!!
The Professional Traders @ FX V-room
http://www.fxvroom.com
Chinese imports drop as global recovery is at risk
Risk markets testing key levels
2Q earnings season up and ready
Chinese oil imports may decline from this month's record high as waning energy demand reduces refining profits. "Slowing demand from China would put a lot of downward pressure on crude and \reinforce concerns among traders," said Victor Shum, a senior principal at energy consultants Purvin & Gertz Inc. in Singapore. "It's going to raise alarm bells."
What else has dropped? Copper drifted lower in European trade on Thursday as traders focused on a fall in copper imports from China, the world's top consumer, even though analysts say data showed only a modest fall. Imports of copper at around 397,000 tonnes came in slightly below forecasts, but analysts had expected a drop from April's 436,345 tonnes as measures to cool growth rates and slow property speculation took hold.
We've recently tested a number of major levels in just about every market. Euro tested a 15 month downtrend line dating back to November/December of 2009. The US dollar index has fallen to major support area, as well as the S & P.
The second quarter earnings will be the driving factor for the next few weeks and is likely to be reasonably positive due to cost cutting, productivity gains, companies making more with less.
With that being said, despite any good reports coming in, we still may see some caution with risk aversion, which could be contradictory to the earnings themselves.
What about the Technicals?
EUR/USD- A major trendline at the 1.2730 area has just been broken. We had a good indication it would keep going north as we saw a near perfect inverted head and shoulders form on the daily chart.
A nice set of fibs from the high on December 09 to the low on June 10 is drawn to show a possible target at the 0.382.
USD/JPY- Back to that long term trendline at the 87.00 area and a possible break through of this support could get this pair down to the next point of support at the 85.00. This is definitely a pair to keep on our radar.
How can I get more out of my Forex Education?
Webinars are a great way to expand your FX education. Most are free and you can learn from the comfort of your own home. FXV hosts many great educational webinars on many different trading subjects, so stay tuned for upcoming classes.
Check out Forexpros.com as we do have a webinar scheduled in August. You can also view archived manuscripts of our previous webinars there as well.
What's new at FXV?
We have so many exciting new changes taking place in our FX community.
Get connected with a touch of a button with our addition of Facebook, YouTube, and Vimeo.
Check out our new "Connect" section where you can see other trader's trades that they have shared with the community. Invite those trader's as friends so you can follow their trades and their successes!
FX V-room believes in the power of partnership. For this reason, we have established a number of partnerships within the Forex community. Check out our "Partners" section of our site.
Our Community is your forex community!
FXV is your trading community where we invite you to share your strategies, tips, advice, experience,
and anything else about the market to support each other. Remember, the more you share, the more our trading community grows and succeeds.
So invite, share, and learn!!
And as always, don't forget to print out the month's economic calendar so you're not caught unaware of those major releases that can move the market literally hundreds of pips! We have a very busy week ahead, economically speaking.
Happy Trading to all!!!
The Professional Traders @ FX V-room
http://www.fxvroom.com