 Hello and welcome to CMC Markets on Tuesday, the thirtieth of June, and the weekly market update. Last week, I looked at the Euro stocks 50 in the context of the downtrend that it had been in since the end of April, and we broke to the top side, and we can see that we broke to the top side on this daily chart that I've got in front of me. I raised the question, were we coming to the end of the downtrend that we've been in since the highs that we saw in April. Rwy'n mynd i llawer yn ddawtheoriad. Ddylu'n ddawtheoriad yn sphynodol am oes y pofyddiadol, ond os yw'r rhai cyfain yma, dyfod os y bod yn lwym yn ardal, mae'n ddweud i'r ddweud y dyfodol, rydyn ni'n meddwl ei gael online o'r ysgrifennu, meddwl ei'r ddweud o'r mysch yn y troi'r cofnig yma:「 Rwy'n meddwl ei ddweud i'r polygol yma i gael unrhyw moedd yn y dyfodol. Felly gynnar y ddacks wedi'r rhaid i'r ysgrifennu, o'r 50 oed wrth hyn bydd y gwerthafonau o'r 50. Felly, mae'r 50 rhaid yn ffrifoedd yma, maio i'r 50 y gallwn a bwrdd y cerddau sy'n cyhoeddu nad oedden nhw. Mae ydych chi'n iawn ar gyfer'u gŷl, gallwch am ar y cyfrif yma yma, a byddech oedden ni ddech Hut hyd oedd y credu o'r 50 oed yn ffrifoedd yma. A fyddech chi eisiai ddaeth rwy'n ffordd ar hyn. o'r ddax chart. We actually came all the way back down to the previous lows that we saw in June, in mid June. And we've done exactly the same thing on the Euro stocks 50. So if you look at the Euro stocks 50 now, I'm going to put the daily chart up for that again and I'll let you digest that and I'll ask you to look at the 200-day moving average as well as the twin lows at 3,370. And we can see straight away that's a very, very key support level. Let's look at the ddax. A ddax, again, we're coming close to the 200-day moving average. We're also very close to a key support level at 10,790. So we know from both of these charts here on the indices that we're approaching a very key support level for both. So if we're going to see further declines in the ddax and in the Euro stocks 50, we need to see a confirmation of a break lower on both, not just one, both, because the risk of a false break is very high if one goes through and the other one doesn't. And that was born out on the break higher that we saw on the Euro stocks 50 that wasn't confirmed on the ddax. So I think it's very important that when you're looking to trade equity indices, you need to find, if possible, confirmation and the ddax in the Euro stocks 50 generally tend to be a good mirror of each other. They tend to work fairly well. Doesn't always have to be that. It can be the Dow Jones industrial average and the Dow Jones transportations. That's the origination of Dow theory. But overall find a currency pair that will help confirm a buy or sell signal. On that theme of confirmation, I'm going to take it a step further and we're going to use currencies because we've had a massive move, not only in equity markets over the course of the last few days, namely because of what's been going on in Greece, but also we've got some very key data coming up later this week, namely US non-farm payrolls on Thursday, and we'll be hosting a webinar for that on Thursday at 1.15. So sign up for that. There'll be a link at the top of the screen for you to click on, register, Colin and I will basically talk you through the numbers on Thursday at 1.15 and we're respecting round about 225,000. So it's going to be a very, very key week for the US dollar. And in that context, I'm going to look at the Euro dollar, the moves that we saw on Euro dollar over the weekend, the massive drop to 109.60, the subsequent rebound on the back of, on the back of the Greece news that the potential that the likelihood is we could get some form of agreement. Who knows what type of agreement we're going to get. Ultimately, we need to trace the price, we need to trade the price action. And in that context, that's why when I look at Euro dollar, I also look at the dollar index. For quite some time now, I've expressed some skepticism about the fact that the Euro dollar can go any lower. Now, obviously, the weekend Greek news was not particularly great news for any Euro dollar longs. We went through the support 110.50. We bottomed out a 109.50.60, but we came back like an express train. And if we look at the chart that we've got in front of you right now, we can see that we broke the downtrend, we broke the uptrend line rather from the April lows around about 105.20. And that trend line support came in just below around about 110.20, but we were unable to sustain the move lower. And this is where again, confirmation is very, very important because while we broke the uptrend line on the Euro dollar, so now when we look at the Bloomberg chart and look at the similar price action on the dollar index, we can draw the same trend line or a very similar trend line, only this time through the highs, the April highs, and we can actually see that through the April highs on the dollar index, that trend line didn't break. So on the Euro dollar, the downt, the uptrend line, the line from the lows was broken, but on the dollar index, it wasn't. And in the context of Euro dollar, that is important because Euro dollar, 55% of the dollar index is comprised of Euro dollar. So if you're looking for a breakout on Euro dollar, you want to see a similar breakout on the dollar index. So what does that mean going forward for Euro dollar? Well ultimately, with non-farm payrolls coming up, 110.50 is once again going to be a key support level on Euro dollar, but also keep an eye on that downtrend line on the dollar index in the event of a very good US number. That trend line on the dollar index needs to break above the price needs to break above the trend line. You need to see a subsequent break below the Euro dollar trend line to suggest that we're going to get further US dollar strength. So that concludes this week's weekly market update, the last one in June, the last one in the second quarter of 2015, doesn't time fly when you're having fun. So until Thursday, where Colin and I will be hosting a non-farm payrolls webinar, and until Q3 next week, this is Michael Hueson talking to you from CMC Markets.