 So, welcome to the CMC Markets weekly webinar with myself, David Matten, Market Analyst at CMC Markets. The time has just gone 12.18, so we're starting three minutes late, but I will be hopefully keeping inside the half an hour time limit we're working with here for the webinar. First things first, let's just have a quick rundown of what has been going on over the weekend. The big news out of the weekend was the Chinese second quarter GDP numbers. They came in at 6.9% for the second quarter. We're an extra expecting 6.8%, so slightly ahead of expectations bearing in mind that Beijing, the Beijing administration, set out a task for themselves to achieve growth rate of 6.5% throughout 2017. In Q1, we've got 6.9% growth and in Q2, we've also had a 6.9% growth. So I think it's fair to say that that's so far in the first half of the year the Chinese government is on target to meet their target in terms of economic growth for the year. Also through the ramifications of the positive growth numbers out of China over the weekend have of course been the mining companies. It's a secondary economy in the world. They're very mineral hungry. The last number of years, their growth and subsequent slowdown has had a major impact on the metals markets. High-grade copper, so a lot of support and in turn mining companies like Rio Tinto, BHP Billiton, Vedanta, Antifagasta, Glencore and Anglo-American have been some of the major players that have benefited from the good Chinese growth numbers over the weekend. Also kind of recapping the back end of last week, what we saw, we saw with some mediocre and some not too impressive CPI numbers and retail sales numbers out of the US on Friday just gone. What we saw on the back of that was a large sell-off in the US dollar, we saw a pushing higher of the gold market and because the numbers were soft but not terrible, it kind of was caught in line with Janet Yellen's commentary at the back end of last week whereby it was encouraging not to think that things were so choking long but not so hot that it would warrant an interest rate rise in the near future. So we did see a record close in the S&P 500 on Friday night in terms of the actual cash market. So in terms of what we're looking at today, mining companies are benefiting because of the Chinese data of the weekend which of course helped the FTSE 100 and we're now trading at 7,420 in the FTSE. We have seen not as a bit of a mixback in the Eurozone but we are seeing, we are tipped to see a positive start to US equity markets given the move, a positive move over the weekend. So we've got a quick brief rundown of what to look out for for the major economic events of the week ahead of us. So I do it every single week so I'm sure you already know where it is on our website but I will just go through it again. On our website here you will see under the news and analysis section if you scroll down to news and analysis you find all the updates of myself and the other analysts here at CMC do every single week on the filter section here click on filter and then scroll down to weekly outlook gives a breakdown here of the weekly earnings calendar we commencing the 17th of July 2017. So this is giving a breakdown of the major both economic and also the corporate calendar for the week. So what I got for Monday we got Netflix have their Q2 results coming out on later on today. Goldman Sachs and Bank of America have Q2 numbers out on Tuesday bearing in mind Wells Fargo, JB Morgan and Citigroup all have had better than expected Q2 numbers out on Friday just gone Thursday. We have a couple of central banks giving us updates central bank meeting from the Bank of Japan and also from the European Central Bank regarding the European Central Bank Mario Draghi has been quite positive on the out in terms of outlook for the euro zone recently but not so positive anything easy kind of scaling back his positive outlook for fear it would drive the euro a bit too high. Mr. Draghi of course like a very soft euro the witness in the euro over the last number of years has really helped the euros on economy turn around and produce some good economic indicators so keep an eye out for what Mario Draghi has to say on Thursday. We are going to be looking towards hints of potential changes to the ECB's policy. Now it also announced last week that Mario Draghi is going to be giving a presentation at the Jackson Hole Symposium next month and bearing in mind the last time he gave a presenting at that particular conference it was nearly it was just it was three years ago and that's when he laid the groundwork for the very loose monetary policy and stimulus package that the European Central Bank went down that route so he's widely tipped to at least start laying the groundwork for potentially talking about maybe tapering in or reducing the size of the bond buying scheme that the European Central Bank currently have in place so keep an eye out for kind of potential changes of language we could see out of the European Central Bank on Thursday also on Thursday from the early hours of the morning with the Bank of Japan update seeing as the Japanese inflation rate is nowhere near is is nowhere near the bank of the BOJ's target we probably can't expect a whole lot of change there unlike we've heard some hawkish commentary from the Bank of England certain members anyways we've heard hawkish commentary from some Fed members including this Yellen well positive and not overly hawkish but and also some positive rhetoric out of the European Central Bank if the same cannot really be said for the Bank of Japan given that they've had a very extensive stimulus package inflation is still very much very low and still dragging its heels so you probably won't see a whole lot of change out of the Bank of Japan also we have a couple of other companies reporting their figures on Thursday as well both in the UK and also the US it's a turning our attention now to the kind of rundown of the major markets what to cover the 1,800 after the good start today trading north of the 7,400 levels at 7,420 in terms of what to actually look out for notice a lot of what I'll say in relation to the 1,100 in terms of the chart the price action we've seen is not too dissimilar what we've seen on the Germany 30 France 40 and also the EU 50 it is encouraging to see that the positive momentum is kind of on the rise again yet again for the for the fussy fussy 100 we've heard the beginning support from in around the kind of 7,400 region but keep in mind of the other keep be mindful of this price action here 7,391 not too far away from where the 100 day moving average comes into play and while we could have remained north of these price action here for the 7,400 and 7,391 the outlook for the fussy 100 is got by the UK 100 is going to continue to be bullish levels to watch out for to the upside 7,000 the 50 day moving average at 7,450 and then beyond that both would then be looking towards 7,482 and then should we take out that level there we could become more confident of the bullish the bullish run that has been in place trot 2017 can continue levels beyond beyond that we've been targeting towards the 7,600 level the which isn't basically effectively the all-time high of the fussy 100 term attention now to the Germany 30 the DAX as it is now the DAX unfortunately has been running for resistance at the 50 day moving average and the last couple of sessions have been kind of restrained by that well now it is encouraging to see that the positive momentum is still on the rise so we could see another kind of an attempt on the 50 day moving average at 12,656 while we hold north of the support this board area here at 12,541 the outlook for the Germany 30 is going to still remain positive and should we take out the 50 day moving average at 12,656 both of them be looking towards this this this price action here of 12,733 and then beyond that we'll be looking towards 12,114 and then of course the all-time high which comes into play from late June at just north of 12,950 like I was saying that the the price the the chair structure of a number of the major equity markets in Europe all looked a bit a bit fairly similar whereas in the US we have seen a bit of the equity markets in the US have been in better shape in comparison with their European counterparts the DAX hasn't been as kind of push sorry the France 40 rather has been as pushing us as high as the DAX or the FTSE 100 but at the same time it still is in quite good state it's holding north of the of the 100 day moving average at this price action here and around the kind of 7,000 sorry 5,177 region here are 5,200 the next level to watch out for to the upside it's going to be it's going to be this this price here of 5,282 and then beyond that the resistance at 5,373 would then be the next one to watch out for should we move south of the 100 day moving average at this price here of 5,177 with the next step level to watch out for it's going to be 5,111 while we remain north even if you do have a bit of a pullback even if it's provided the support and has held at this price here 5,111 the outlook still is going to remain broadly speaking bullish for the France 40 as you can see here the momentum positive momentum as is gaining ground yet again for a third day in a row and then when we sort of a market with those taking a look at the euro 50 similar price action on the euro 50 we could see for actually for a fourth day in a row now we're seeing that the positive that the momentum positive momentum is actually increasing and as you can see that is that is that is also duplicated with a rising of prices from the kind of from the second week in July the level the next level to watch out for to the upside is going to be the fifth day moving average at 3,554 and then we were looking towards this level this this price action here of 3,600 and then north of that we've been looking towards the all-time high which comes into play at 3,684 even if you do drop back below the 100 day moving average at 3,500 roughly while we hold above this support area here at 3,440 the outlook for the euro 50 is still going to remain positive turn our attention now to what's going on over in Japan bearing in mind we have the bank of Japan update during the week so that's obviously going to be what we want to watch out for the Nikkei the Japan 225 has been training in a relatively narrow range the last number of last number of weeks we're still not too far away from the earth on the high of June but at the same time we haven't actually drifted much lower so while we remain north this this price this price here the fifth day moving average just south of 20,000 at 19,959 the outlook is going to remain positive for this market as you can see it's already traded down through through once and it quickly regained and it's been holding about that for the last number of sessions and then the next level to watch out for the upside is going to be 20,300 on the Nikkei 225 we're now seeing our attention over to the United States of America we'll take a look now at the Dow Jones five-minute chart there so just take a look at what's happening at a much greater scale as you can see here record all-time high posted on Friday on the back of those soft CPI numbers and retail sales numbers the numbers were if you were a bull there was sort of those something there was sort of a double family for you because the comments and Janet Yellen on Wednesday and Thursday were stating that the United States economy is improving which is obviously good but Miss Yellen didn't seem too rushed about and further interest rates in the near term the last time I looked there is about there is less than a 50% chance of a rate hike in December so what we have a scenario whereby the outlook it remains reasonably positive which is obviously good for it for which is got to be good for the stock market but not so good that it's going to actually warrant a rate rise in the near in the very near term so Miss Yellen was sort of signaling to traders that things are going to continue to move higher in terms of interest rates but not really in the near term so what as soon as traders saw the not overly impressive retail sales numbers and the also the inflation number traders were quick to jump on the buying bandwagon so we saw a print that are all time high for the down jump to Friday bullet sentiment is still very much in place popular strategy of the last number of weeks and these are the upward trends has been buying the dips so if you do see any pullbacks these are the sort of price action we could we could look to revert back towards the previous resistance at a become support 21,564 and south of 21,500 itself these are the sort of regions and also 21,400 should we see a pullback in the in the US 30 the Dow Jones these are the sort of levels who could be looking at in terms of actual or in terms of support regions if you're looking to try and buy on the dip it's also encouraging to see not only do we have all-time highs which is obviously the most important indicator of the price but we can see here the last couple of sessions the momentum has turned positive which is obviously something also you can be more confident in your in your bullish outlook should you hold one let's not turn attention to the S&P 500 like I mentioned at the beginning of this webinar the S&P 500 had a record high close the record high on Friday just gone and it's fairly clear to play to see that the US indices are in a far better shape than that of the of Europe very similar to chart what we saw on the Dow Jones record high posted on Friday we're seeing a small bit of movement here and there are the hours of trading on Monday not all that of ground has been given back should we see any kind of moves lower in the S&P 500 in the US SPX 500 we could see a pullback to this region here of 2452 then traders will also be keeping an eye on the 2447 and 2440 region so it's a very common place popular strategy recently has been buying on the dips as the market is moving higher creating new highs returning lower only to go out to create further new highs similar with the Dow and some of the European equities equity indices we have seen the market if the pot momentum is being positive not a third day and we can also see the positive momentum in terms of the histogram is actually increasing which is also adding which is also if you are looking if you have a whole a bullish outlook that is what you want to see positive momentum increasing while prices are increasing at the same time now turning attention to what's going on in the commodities market like I mentioned at the very beginning gold had a good bounce given the move that we saw in the US dollar on Friday because of the weak CPI numbers and also the weak retail sales numbers really pushes back the likelihood of a rate rise from the United States it's over in our 47% chance of a rate hike from the Fed reserve in December and even though it's gold has quite a poor run for this effectively a month here from basically early June to early July we did see the market turn around we're now trading pretty much on 200 day moving average it traded through it on the Friday we're now pretty much testing it yet again if we get a if we have a decisive move beyond north of the two-day moving average we'll then be looking for this price action here in round the 1247 were both the 50 moving average and 100 day moving average converge with each other should the two-day moving average continue to be as I said in the past an area of resistance for any upward moves should the two-day moving average block a rally in gold we could see a return to the 1220 1215 region and should we move south the 1215 the July low of 1205 will be the area to keep an eye on next in terms of the oil market every single Friday at 6 p.m. we have the Baker Hughes active rig count from the from the United States and the number of active rigs increased by two on Friday just gone it's not it's in the last in the last year or so the number of active rigs in the United States has more than doubled and it was only a number of weeks ago we actually had a ever so slight decline in active in active rigs but by and large it's been very much to the upside in terms of the actual number of active rigs in the United States we appear to be testing the 50 moving average yet again in the price of Brent crude which which we're looking at here pretty much right on a right now 48 dollars and 80 cents should we take out that level and we the first time we traded north of it and we have it well above it in about five or six weeks and then of course should we move move north of the 40 50 moving average at 48 80 psychological 50 dollars per barrel will be the next level to keep an eye on if you look here we can see that the positive momentum indicator has very much matched what we saw in the price in the actual oil market itself the price rallied here after a severe sell-off in late May until the middle of middle of and late June we also saw the price momentum increasing and then we saw a bit of a pullback here we saw decent enough retracement here and then now we're looked at it would appear that we're looking just to have another push hard push higher in the price of oil but the big question is can we take out this 50 moving average should we see a failure to take out that level that would just be a classic example of a higher of a higher high and lower lows that we've got that we've basically seen the oil market in for some time now so should we see a failure to clear the fifth day moving average in around 48 80 traders are then looking towards the the low we saw only only about a week or 10 days ago at 46 dollars and this price action here and then below that 44 26 but like I said if you do move north of it and we do get a decisive break north of the 50-day moving average that's going to be proved to be significant seeing as we had a couple of failed attempts at the very beginning of the month and then of course if you're looking towards the psychological 50 bucks per barrel and then we're looking towards the 100-day moving average at 50 dollars and 87 cents that's on Brent crude oil let's turn our attention now to WTI we're gonna be very similar sheriff obviously the prices itself are going to be different very similar position we're actually training ever so we've actually traded north of the 50-day moving average which is obviously going to be something traders are going to be looking out for are we gonna get a breakout and is this is this move here that we witnessed that should be the beginning of a is this the suppose in a larger correction that we're going to see or is this going to actually be yet another attempt to try and create it's going to be a failed attempt on the 50-day moving average only to move lower on the session so this price actually never keeping an eye on is the 50-day moving average is in around 46 dollars and 50 cent region I should it do move beyond that we then be looking towards the recent high July high of 47 dollars and 18 cents and then we're looking toward this price action here of 48 dollars and 18 cents but that's all dependent should be actually break north of the 50-day moving average in the first place a failure to break north of the 50-day moving average could end up sending the oil market back towards 44.93 then bearers and sellers are looking towards 43.56 and then below that again the 2017 low of 41.84 let's now have a look at what's going on in the single currency versus the greenback the euro did very well last week on the back of the soft economic indicators out of the United States on Friday pushed higher but we haven't given given given back some of the gains that were that were made but it isn't the end of the world seeing it at the single currency has been in a fairly clear and concise open trend for the last well for the last going on seven months if you take a look here that the high that was printed just recently just last well last week last Friday was actually the highest level the euro has been against US dollar since May last year so so quite a significant level just got to show you how much crown the single currency has been has been made up and if anything it's quite a clear bullish signal even though it's in a bit of a pullback today the outlook for the single currency is still is is still quite positive so similar to what we've seen in some of the US equity markets buying on the dip has proved to be the kind of popular strategy for the euro versus the US dollar so one the resistance at 114.95 and then 115 itself and then beyond that 116 there are the levels we're going to be watching out for to the upside we should be seeing any moves lower in the single currency we're going to support it's going to commit into into play in this region here 114 and also at 113.75 and then should you move south of that we're looking towards 113 these are the areas we if you do see a pullback either the price areas we could see a pullback to be potentially see another move higher I will say this though it is ever so slightly concerning that we are seeing a vivid dwindling off in the positive momentum it could be a sign that the market is in is in is in line for a potentially a large ish retracement retracement the price most important indicator so while the price is going higher that's where you should be taking your indicators and your leads from but when you have higher price when you when a market is going on hitting multi-month highs or new highs for the year while momentum is clearly running out it could give the indication that that the the bullish run that we have is running out of better steam now that could lead to a pause before another increase in momentum and another increase in buying a buying spree or it could be the sign that we're in for a sizable or decent size retracement so should we see it further moves lower on the reverse of the US dollar I will keep an eye off of this price region here at this level the 50 moving average in the 122 region turning attention now to the pound versus US dollar the pound between the some of the whole country referred out of the likes of Ian McCafferty and also given that given the actual poor CPI numbers from the United States just gone it's all the pound has also been gaining its ground versus the US dollar so this this price action here 131 20 that's going to be the next level to watch offer to the upside and then beyond that both buyers will be looking towards the 132 reason region should we see any kind of pullbacks in the cable at the pound versus the US dollar we could expect to see some pullbacks toward this region the 103 6 130 65 region then of course 130 itself and then 129 77 and should we see quite large pullback we could even trade back towards the 50 moving average at 128 78 euro starting now obviously going to be one to keep an eye on this week we've been an update from Mark Kearney and we also have the all-important ECB conference on Wednesday so by and large over the last number of months you've seen a fairly up to size of upward move in the euro versus the pound but we have managed to kind of pull back some of some of the gains as a single currency is made versus sterling recently it's been pretty sharp sell-off and it combined with a sharp sell-off we'll see an increase in negative momentum so seeing as negative momentum is actually on the increase we could see continuation of this downward move what to watch out for this this price action here of 87 38 below here we should refer to in the middle of June that's going to be a new to keep an eye on I should you move south of that we're then looking towards the 50 moving average at 87 18 and then of course 87 the number itself should you go south of 87 I would then be turning my attention to this price here at 86 54 upside moves obviously some of the targets that you fit on the way up at 88 80 and then of course this price at this price here which comes to play at 89 for 89 50 let's call it dollar yen it's going to be an important one to watch out for given that traders seem to have less and less confidence that the United States is going to be having another interest rate rise in 2017 and also we do have an update from the Bank of Japan this price action here we have been broadly been moving higher in the the US dollar versus the Japanese yen but at the same time given the disappointing numbers out of the United States no surprise that we did see a sell-off back in the last week and we actually not only did we actually give up all the positive momentum we actually swung to negative momentum and seems like negative momentum is on the increase on this on this chart here we could see a pullback push we could see move lower towards well for a lot of it moving averages are converging of the 50 100 and 200 was the sign of a market being sort of in sort of a market and an unsure of itself in which particular direction is going on consolidation of indecision and we're seeing is that that has been reflected in the moving averages all quite quite pretty much on top of each other in around the 111 81 to kind of 85 price action so as we've been as we were now recently swung to negative turn make negative momentum we could actually see continuation of the quite aggressive downward move that we've been in over the last week so the target for that is going to be 118 111 this is for the two-day moving average comes into play we could see a pullback towards that if we do happen to actually break south of that obviously 111 itself is going to be the next price action to watch out for and then 110 30 if we do see any rallies in the dollar versus the Japanese yen we're going to be looking toward this price action here which comes into play at 113 53 and then beyond that the this high here that was created last week and the price for that is just shy of 111 50 111 so I won 14 49 the Australian dollar is what we'll have a look at the other dollar that's quite well both out of the disappointing numbers from from the United States on Friday and on top of that the actual 12 numbers from China over the weekend so as you can see here this is a four-hour chart I'm looking at here on the Australian dollar versus the US dollar has been very much in an upward trend it's likely given that we've seen such a kind of bullish move over the last number of months it's likely that we could see a continuation it's a class example of a upward trend higher highs higher lows and the market pushes on to a multi month high pulls back to previous resistance current notes new support levels only to push on higher yet again so we it's fair to say it's interesting as it's a big number 78 is obviously acting as support for the Australian dollar versus the US dollar and they're obviously going to be looking north towards 79 and 80 on that it is again it is a bit worrying though that we are seeing a slight curtailing of positive momentum we've seen this before on our previous chart it is just a bit worrying if I believe is your dollar we saw that I'm it is a bit worrying when prices go on to hit multi-week high or multi-month highs and the same time the actual rate at which the momentum is increasing is slowing down we could suggest that we could be in for a bit of a larger than expected retracement seeing as we've had quite a large move here we should be moved below 78 we could they be looking back towards this price action here around 7750 or maybe even 77 itself but the picture for the last number of months hasn't has been very much to the upside when it comes to the Australian dollar so I think the overriding wider trend is going to be the one that's that's going to be in play it's just a possibility that we could see a larger than expected return retracing rather terms of the if the next speaking of commodity currencies having looked now to the US dollar versus the Canadian dollar and this is how just quite a tremendous run to tremendous southbound run very recently we are currently trading at 126 66 on the dollar CAD it's been quite a decisive and very clear cut move to the downside this is just a classic example of the market trending lower after the the may high pulls back here creates a new low put put put has a retracement new low pulls back to the two-day moving average and then just keeps on pushing lower and lower if anything I can't say about this chart it's actually fairly not always a fairly decisive that it's a downward move that we're looking at on some occasions when we have pulled back we have any vision pulled back that much before we actually had the had the next move lower in terms of actually price action to watch out for I think the popular strategy in this move here has been selling the rallies what to watch out for here in terms of actual levels obviously the market has been moving to the south we should you see any rallies back to back to this this support level here which is currently not it is acting of resistance which comes into play at 126 80 that's going to be reaching to watch out for as a potential area should for resistance should this currency manage to pull back some of the losses that it has also this region here at 127 63 then we've been looking towards the 128 20 region which is actually the low from September last year and then of course we're looking towards 129 130 to the downside 126 is obviously going to be the next level to watch out for in terms of big psychological numbers and then bears and setters will be looking towards the 125 region now I'm aware now that the time has gone 1253 so we've now gone eight minutes past eight minutes over time but to a fair it ended starting about three minutes late so really only five minutes over the time since we actually began this webinar before I sign off at any markets you guys would like me to cover before we actually wrap up things with this particular webinar Aussie cat please absolutely while I'm bringing up the Australian cat if there are any other markets you would like me to have a look at feel free to just stick them in the box right now and have it nicely lined up for when I cover the Australian dollar versus the Canadian dollar products currencies top of the list Aussie cat so of the last number of months on the Australian cat even though we have seen it trade in a bit of a range for 2017 sort of 96 to the low and 103 to the top top of the range it would appear that we are that we have been moving towards the south over the last number of trading sessions that being said over the last number of months we have been moving south but that being said we've actually also seen a decline apologies about that we've also seen it a decline in negative momentum but she knows actually swung to the positive momentum for the first time not seen since early to mid-June so seeing as we had quite a large snapback here on the Aussie versus the Canadian dollar bearing a mind the Aussie dollars had a great run versus the US dollar also bearing a mind the Canadian dollar is also at a great run versus the US dollar both of which against substantially I would say looking at this but given that we've given the move from early May the move is very much that's been the last number of months has been very much to the downside but I have a skeptical that we have seen a decline in positive momentum and then actually change the models of negative momentum so that for me that the this isn't it isn't as clear-cut as I would like what I will say about this though is that if you look at it from the kind of the kind of selling point of view it has been making a fairly kind of clear and concise moves lower rallies back takes out takes out create a new 2017 low pushes back up again this price action here would we're not too far away from the moment this region between at a between at one and well at a hundred which everyone but if it's just place at about 100 or this this region here around 99 60 this is going to be a very interesting level if we can manage to break north of that we'll then be looking towards potentially looking towards heading back up towards the two or they moving average at at a hundred and thirty two and then beyond that 190 at one or they moving average and then of course you'll be looking towards one or two the figure if you need to see how how how this pans out regarding the two you're going to change in momentum while like I say this is an example of isn't why using the indicator the price the most important indicator and the market is pushing lower here which prices whatever the price is doing that's really what you think most attention to price is moving lower so you're the so the outlook is going to remain negative but as you can see here all the file prices moving lower than the momentum was actually declining which would suggest that's kind of running out of steam and it runs out of steam and that's when you can look at a turnaround and you have to determine is this a genuine turnaround in the overall market or more likely to be there's a turnaround in terms of actual correction and seeing as a lot basically two or three months the market has been to the downside we could be looking at a substantial correction for potentially another move lower so this this region here of 96 this is a 99 60 200 this is going to be quite an important region here we're just north of 99 itself the moment if we could see seeing this momentum I just swung to the positive we could head back up towards 100 or the water day move of 30 moving average at 130 but it would be interesting to see if that that is then carried on obviously we need to see at a decisive move north of the turn of the moving average before we can actually contemplate is this going to be a it's going to be a more bullish run or is this going to be a large retracement of the wider downward move before we head south again should we head south again we'll be looking towards 98 this level here at this low here at 97 36 and then 97 the figure itself at the north south 97 this level here at 96 New Zealand dollar versus the US dollar I'll just scroll all the down through the very different currency period to find the New Zealand dollar versus the US dollar like I said and if there's any other markets you would like for me to have a look at I'm aware that the time is coming up at 1 o'clock now any of the markets you would like me to have a look at feel free to chuck it in the box and have a look at that just after finish up with the Kiwi US dollar well the wider move has been largely one of kind of range bound trading here but it's interesting to see that actually managed to kind of go on and create it and a new a new low in 2017 but then after that it has managed to actually nearly exceed the 2017 high so it looks like should be worth it we're at a quite a quite a significant level here just want to see if it's been taken out 73 75 was the high there in February and all kind of very close to it but I don't think I was 73 it didn't actually quite get there it got as high as 73 68 so we're only not not too far away from the February high a move here north of the February high the 2017 high a 73 75 that's gonna be that's gonna be big level to watch out for if you take if you take off that it create a new 2017 high and then we're looking towards a November high which is just in runs kind of 74 region 7403 with envy the next price to watch out for this is precisely why I like to kind of look at the kind of MACD histogram the kind of momentum indicators down here we can see a very sharp move to the upside in the New Zealand order versus the US dollar I can see it reflected in the kind of in the increase in positive momentum all along worrying enough sign that the price continues to create new multi-week highs all the while the actual momentum indicator is showing that momentum positive momentum is declining it even slides negative and the prices still continue to go so they can say the price is most important indicator to watch out for but you gotta be aware of other indicators as well seeing as momentum leads price I like to look at the momentum and what do we get after that major move here from in around 86 up to 73 500 fifth move what do we see here we see we see the price giveaway back up to fall back to 72 so this is this all this this area here was a kind of an early warning sign that the price moving higher which is great if you're long but guess what we may be seeing a some sort of a correction in the offing and besides what we did so it fitted north of 73 and the back towards 72 take out the the recent high and now look that we're testing the February the high of 2017 given that momentum negative momentum is decreasing there I say we could potentially see further declines negative momentum and actually possibly a swing positive momentum and seeing as that we're actually very much testing the the 2017 high that's that's further the level we should be watching off or to the upside this level here at 75 73 75 I think going beyond that we're looking toward this price here with spacey at 74 for the New Zealand dollar versus your daughter last but not least we got the Canadian dollar versus the Japanese yen I'm afraid just because we've gone just past one o'clock we were now probably 45 minutes running for a 30 minute webinar I would have to make the Canadian dollar versus the Japanese yen the last one we are looking at for the webinar is the CAD top of the list CAD yen snuck off that it's a really kind of wider trend has been state 2014 until late 2016 isn't very much clearly to the downside we have seen we have seen signs of it turning around and pushing higher it's encouraging to see that we managed to take out I would nearly check out or did it at all traded right up to this this region here I will look here from April 24 2016 88 80 was the high what do we get here in late December 88 90 so it did manage to take out that high only to get the only to actually have a retracement back to this price area here so once again that level of which we're not too far away from 88 92 that's going to be an area to keep an eye on seeing as we're currently at 88 75 only about 50 pips away from that price action which also coincides not too far away with 200 week moving average at 90 32 given that given that we've had quite a decent about a major sell-off we are seen pushing back higher here it looks appears to be more and it's in sort of turnaround territory rather than a pause before the next leg lower it's also reflected in the actual momentum the price moving higher the net is moving higher we see a turnaround in price action here we can see an increase in negative momentum to the downside momentum it sort of trades sideways in this time period here not a whole lot of our trading range going on all the while negative momentum is decreasing then a swing to the positive and then we're looking to actually break higher of the 100 week moving average and now look now it would appear we could be testing the 200 to 200 week moving average in the not too distant future so I think given that we've seen on the weekly chart I think it's fair to say that we could be looking we could see a continuation of these gains on the Canadian dollar versus the Japanese yen a more shorter term on the daily chart notice how the price is pushing higher and what momentum is do is start positive and starting to decline so we could see I think the picture is still to the upside or the Canadian dollar versus the end it just means that the retracing that we do see on this upward move here from 81 up north of 89 that is a repit move we could see a retracing somewhere back in towards the 87 region or we could see retracing back to this area here of 85 before having a push higher I think the outlook for this is still to the upside I'm just a bit concerned that we are seeing here is a bit of a decline of positive momentum which could lead to a more sizable retracement than we previously seen so I'll keep an eye on 87 and then also I'll keep an eye on 85 to the downside I just want to thank you very much for tuning in to our webinar you are very welcome you're very welcome indeed we're obviously going to be having this webinar next Monday at 12.15 I talk about it every single week and I'm sure you're aware of it already but just in case if you're not just things to keep an eye on throughout the trading session we obviously have under market pulse we have the economic calendar to watch out for give you a breakdown of all the major economic events going on throughout the week you can click here through a day-by-day to give you a breakdown of the previous economic indicator and also what the forecast for the particular announcement is this year at the chart for myself and the other analysts around the world do updates daily seven times a day on the chart forum so the major markets we would end up we would end up writing some short analysis of what we think is going on in the chart forum chart forum can also be found under market pulse click the market pulse and then third one down is the chart forum itself insights is also what I want to talk about updates that we do for promoting webinars or we're doing updates updates on the day what's going on terms of important news and also events keep an eye on insights because I get updated several times a day throughout the world across the year at CMC markets and obviously for news flow itself the road to see that we that we have access to seeing as we're account holders at CMC markets and keep an eye on what's going on in terms of actually the major news flows from that also before we do it would you finish up I do want to point out that there is a another webinar with a which is being hosted later on tonight it's on in the same place where you found this one here it is the trader development program part 3 the traders mindset it is signed up in the same place we signed up for this current webinar it's going to be tonight one of the 17 starting at 1930 half seven British summertime thank you very much I hope you've enjoyed the webinar and have a good trading week this time that's all for me from David Madden at CMC markets thank you