 Hello and welcome to the chart of the week video with me David Madden. Today's date is Thursday the 27th of September and the time has just come 1135 British summer time. This week's chart of the week is the Australian dollar versus the US dollar. Take a look at the chart here. We can see that the Aussie dollar has been in a fairly steady decline throughout 2018. It's a classic example of a downward trend, lower lows and lower highs all the way along. In fact, only last week, earlier this month, we saw the Aussie dollar fall back to levels not seen since early 2016. So given the indication of all the negative, the sentiment has been on the currency pair recently. I'll take a closer look at the chart in recent months. We can see that on a few occasions, this blue line here, the 50 moving average has acted at resistance. There's been a number of occasions where the currency pair has run into that metric. So on some occasions, slightly above it, our particular here in early June, which I would consider to be above it. But then I should only fall back below it again. There's been a few occasions recently where it's particularly at a run up towards it or else it's just ever so slightly above it. And then I should back down again. So this line here is of a fairly important significance. It's acted at resistance on a number of occasions recently. Therefore, it makes it more likely that it's going to act at resistance in the near term. While we remain south of this blue line here, the 50 moving average, which comes into play at 0 spot 72 and 92, is likely that the outlook for the currency pair is going to continue to remain negative. If you take a look at the price action in the past few days, we can see that the market has been drifted lower. Turning our attention to the MACD indicator, the MACD Instagram, we can see that positive momentum is declining. So the decline in the positive momentum confirms the negative move we're seeing in the currency pair itself. And if you do continue to drift lower from here, we could be looking at any back down towards 0 spot 72. And if you go south of that, we could be looking at any back down towards 0 spot 70, 85. And a break below that could bring 0 spot 70 into play. I'll move to the upside. We need to kind of, we need to easily retake and push above the 50 moving average, this blue line here. If we do manage to have a size of a move above the 50 moving average, the, what was acting as all resistance could actually become new support. And if we do manage to kind of push on higher from there, the next thing to keep in mind for could be this region here, which comes into play at 0 spot 70, 74, 78 or 0 spot 75. But if you go beyond that, we could be looking heading back up towards the early June high of, sorry, early June high of 0 spot 76, 76. If you aren't going to trade the Aussie dollar, please keep in mind that later today we are supporting economic indicators from the US. We have the GDP, Europe of goods, jobless claims figures. We also have the trade figures. And the trade figures could actually be probably the most important component potentially of the update. Seeing as the trade swap between the US and China and it is further evidence that there's a growing imbalance between the trade relationship between the US and China, it could spur on President Trump to actually impose more tariffs on Chinese imports. The Chinese economy has been cooling the last number of years, given that it has grown in the last couple of decades. The Chinese economy is cooling. We're seeing a slowdown in the Australian economy as well. And any additional tariffs could actually potentially impact Chinese growth and therefore the Australian growth and therefore the Australian dollar. We heard from the Federal Reserve last night, they raise interest rates as expected, trade is repricing at a high probability of a December rate hike and also traders are expecting the Fed to continue down the path of monetary tightening throughout 2019. So the growth figures, the Europe of goods figures and also the jobless claims figures will be of significant importance today. Looking ahead to next week, we have an update from the Reserve Bank of Australia. We also have Chinese manufacturing and non-manufacturing figures coming out over the weekend coming back in the next week. We also have non-farm payrolls from the United States. So these are certain things you have to keep an eye out for if you are going to be trading the Aussie dollar. If you have any comments on this video or any other videos we've made here at CMC Markets, please feel free to leave a review on Google reviews. And that's all for me this week. Thank you very much.