 Hello traders at CMC Markets, welcome to a short update by RRG Research. My name is Julius de Campanair and I am presenting to you from Amsterdam in the Netherlands. Recording this video on the evening of the 15th of August, so the Tuesday, looking ahead to what possibly is going to happen on Wednesday, the 16th. I want to focus on some of the currency pairs and on the screen I have loaded up six currency pairs. The top three are all expressed in yen, so that's dollar yen, that is pound yen and that is euro yen. And then in the bottom row I've got three pairs expressed in US dollars, so that's euro dollar, Aussie dollar and pound dollar. And I think you can immediately see a general characteristic for both rows. Let's kick off with the top row here. So the common denominator for all three of these charts, and by the way these are daily charts, this is the daily time frame. All three have broken out above their previous highs, so above their previous resistance and they're holding up there fairly well I have to say. So we zoom in here on dollar yen, you can see how it took out this overhead resistance around 145, and we're already up there for about two days, so that is a solid break I would say. And the same goes when we look at pound yen. Here also a solid break above that previous high that was set actually in July, at the start of July, around 184, and here also we're holding up above that level for two, three days already. So here also a pretty solid break to the upside for pound yen. And then finally we've got euro yen, and you can already see it in the thumbnail, and here you can see the breakout which actually had two touch points here, around 158, I'll round it off 158, one big day and then already three, four days holding up above that resistance area. So I'm going to take a look at the 30-minute charts to see if we can find some guidance for the day, but we should come into these markets with a bullish view for dollar pound and euro against the yen. So in general that means weakness for the yen in these three pairs. So if we look at this here, then we can see dollar yen, we can see how that has been bouncing off, these are the levels that we saw on the daily chart. It looks like we've had like for today, second half of the day, a bit of a consolidation. I think that when you can see somewhere during the day, dollar yen breakout above 145.70, we can attack the previous high rear around 145.85. The support should come in around 145.19, 145.20. Remind you that this is in a longer-term uptrend, it is breaking to the upside. So I'd be looking for breakouts to the upside to confirm the longer-term uptrend, to confirm a move in the direction of the daily trend. So short trades here in these yen denominated currencies are against the trend. Potentially possible, but you will have to realize that you're working against the prevailing trend on the daily and that's upward. So I'm looking for upward breaks in dollar yen above 145.70 and later here 145.85 for a move in sync with the move on the daily charts. Same goes for pound yen, that's actually quite an interesting chart here on the 30 minutes because as you can see we're testing this support area so that could provide a nice jumping board for at least a move back up towards the 185.30 area, 185 area, from current levels which is just above support when I'm recording this just below 185 and the upside target within the range is 185.26, maybe 185.30 and if that breaks then obviously there is way more upside for pound yen. This is in line with the prevailing trend on the daily chart so this testing support on the 30 minute jumping higher potentially taking out the upside of the range. So this is a good opportunity here for pound yen already and let me go to the third one in yen terms that is euro yen and you will see a similar picture again. This is working from an uptrend on the daily, we've tested the override resistance here around 159 came back and we're now trying to find support here around 158.70. If that holds then a new rally is very well possible. If we if we drop lower mind you that we're still working an uptrend on the daily charts for euro yen so I'd be looking for buying opportunities either at this support level or at the next one but that's a pretty big move to the downside. It would be rice if we could start to put in a new series of higher highs and higher lows here on the 30 minute chart to get back in sync with the daily chart which is higher for euro yen and obviously when we take out these overhead levels there's way more to go for these yen denominated currencies. So when we move to the dollar denominations that's the bottom line on my grid here you can see that these are all coming down so euro dollars we've been working to the downside recently so it's a Aussie dollar and so has cable pound dollar that means in general that there is dollar strength so euro Aussie and pound are all losing value against the dollar so that means generic US dollar strength that's what you see when these when these charts move down that means strength for the US dollar if we do take a quick look here so euro dollar we had that high here around 112.5 coming down and you know yesterday and today we're breaking below support so we're actually making a new low we're starting a new move lower so we have a lower high and now we're not yet sure where the new low will be but it will be lower than the previous low so good support is expected around 108.40 for euro dollar but we have to get into this market in the near term approaching it from a point of view of US dollar strength and the same goes for the Australian dollar and what you see here is that this is actually at a very crucial level look back this is like many months almost a year worth of support and I've drawn in two lines here so one is 164 let's say 165 those are the major touch points and then there's the dotted line here that's the extremes that's one that's 64.50 and you can see how it's already pressing lower here when that breaks when Aussie dollar breaks below 64.50 64.60 there is a long way to go so there's a lot more downside a lot more US dollar strength against the Australian dollar and if we do that for pound dollar then we see something similar this is also a very important horizontal level pound dollar is coming from a longer term uptrend we broke that uptrend we're now hovering above the support level around 126.30 if that gives way then the next target on the daily chart is around 123 so that's a couple of big figures for for cable in this case the fact that it's broken that rising trend line lower highs and lower lows are in place it is all pointing to dollar strength weakness for the pound and if we take that to the 30 minute charts to see what's potentially could happen during the day tomorrow look at euro dollar here again we remind you we're we're looking for prices to move lower these are all moving in downtrends on the dailies so we're looking for downward breaks here in the euro dollar 30 minute chart so the level to watch I think is around let's say 109 if 109 gives way then the target here is at least 25 to 30 bits but as you can see it could even be a little flag type formation with much more downside for euro dollar so again strength for the euro for the dollar weakness for the euro and we're looking for a break below 109 in euro dollar I would say and if we take a look at Aussie dollar then this is the the fat line here is that massive support level and you can see how we're actually trading against it the market is frantically trying to hold up here for the last couple of hours the question is how long will that will the market be able to do that the upside is very limited you can see here there's another horizontal overhead resistance level around 6450 again if if this 6450 gives way so this sorry this is 6465 this is 6450 if 6450 gives way there is a lot of downside for for Aussie US and then finally we're going to wrap it up here with pound dollar with cable and again here also we're coming in from a perspective of pound weakness dollar strength it's probably not as not as clearly defined as the other pairs but you can see I could sort of draw a rising trend line here that we've broken there is a I think the most important support level to watch is 12675 maybe for the very near term something like 127 but it's a bit volatile here around that area definitely looking for new positions when we take out 12675 for at least a move to 12620 and potentially even lower thanks for watching that was it a short update on some of the major currency pairs I hope you enjoyed it I'm looking forward to seeing you again at a new update by RRG research sometime in the future