 Thank you and welcome to the CMC Markets webinar with me David Madden, market analyst at CMC Markets out on Monday the 24th of July. The time is exactly 12.15 and as always with our webinars we will go through the process of showing you the risk warning slides beforehand it will only take about 30-40 seconds and from that point we will then carry on with the actual webinar itself. I will just get that out of the way for the month now, I'll just leave the risk warning there on the screen or front of you if you just have a quick read over that it essentially covers us saying that this is just coming through what's going on and this is strictly not advice. And that right there is the last of the actual risk warning itself so let's carry on with the actual webinar itself. Thank you for joining me, I'm Dave Madden of CMC Markets, with the usual kind of rundown whereby we discuss what has been going on in the financial markets in the past number of hours of morning trading. What we've seen in terms of news flows out over the last few hours, a continuation of the sell-off we witnessed in global equity markets on Friday has continued and spilled over into today's Monday session. Some of the big news out of the Eurozone, out of continental Europe has been that number of car makers, BMW, Daimler and Volkswagen, big German car makers have all been under pressure this morning after the EU antitrust authority is investigating the car makers that they're having some sort of a cartel or collusion among themselves in relation to these elevations, in relation to technology being used and also the price of suppliers. And while that is in play we're seeing the major sell-off, large sell-off in the car maker stocks and also that it's going to add it to the existing bearer sentiment that has already engulfed continental Europe from the back of last week whereby the Euro has been relatively strong. We're currently trading at 116.50 on the Euro versus the US dollar. The strength in the Euro has been brought about because traders believe that Mario Draghi and the European Central Bank in the next few months, could be August, could be September, could be some point in the late autumn, will look to at least discuss the possibility of trimming the ECB's monthly bond buying scheme. And because of that what we've seen is we've seen a pushing head in the Euro and the consequence of that is that should we see tapering even be talked about down the line that's encouraging traders to get out of Eurozone equities. So it really is a double family. If a stimulus package is being removed, the perception is that the companies that are in the Eurozone, which benefit from the stimulus package, won't be as profitable as they once were and at the same time it's a double family because the single currency is much, much stronger. So you get outside the Eurozone, it feels more expensive to purchase Eurozone equities. That's been basically the large news. We've also had a trading update from Reiner this morning. Profes are looking healthy, but the airline did talk about having to potentially cut costs of our airfares even further, which is because due to competition intensity, now which is good for the consumer, but it's bad for the shareholders. So we're also seeing a sell-off in airline stocks here in Europe this morning as well. In terms of economic indicators from this morning, we've had French, German, and Eurozone slash PMI numbers across manufacturing and sale and services. This morning, the general theme across the reports has been that they're still in growth, but the growth rate is slowing down and on top of that, most of the reports came in below expectations. We also had the IMF over the weekend cut the global growth forecast for the United States and also the United Kingdom, but conversely, they've actually up their growth rate for the Eurozone. So the timing wasn't perfect for the IMF when they stated that the Eurozone would grow this year and just this morning, Monday morning coming out, we've had some signs that the service sector and the manufacturing sector in continent Europe is actually slowing down and it's the lowest level of spin-off for a number of months. They've been the big stories, what we've covered in the last 24 hours, 48 hours, but if you just take a look ahead, what we can actually expect for the remainder of the actual week itself. So if you go to the CMC Markets website and actually pull up on the news and analysis section, I'm sure you all know where it is because if you've found this webinar under the Learn section, the news and analysis section is where our staff and the other analysts, our news and articles, gets posted. If you scroll over here, looking by, judging by the filter section, what we can see here by the filter section is the weekly outlook and under the weekly outlook, you can see here with the earnings calendar, we commencing on the 24th of July. It gives a breakdown of one of the major both economic and also corporate stories of the week in front of us. So in terms of corporate stories, this week we have some big with some big earners coming out from the United States in terms of tech stocks. Tonight after the closing bell, we have Alphabet who are the owners of Google. On Wednesday, we have the update from Facebook and on Thursday, we've an update from Amazon. In terms of also on Wednesday, what we have is the UK preliminary sector for GDP. Now, some of the figures out of the UK we've seen over the last number of months have shown that a reasonable pickup in economic activity out of the UK, but it's obviously going to be kick traders particularly seeing as the pound has been doing broadly speaking well against the US dollar in the last few weeks. Pick traders who are looking at actually you're looking at a pound sterling particularly against the US dollar will certainly be keeping an eye off of that. That's coming out on Wednesday. Also just looking ahead through the breakdown here now. We also have of course, we have some updates from a couple of UK banks at the back end of the week. We have Lloyds and we also have Arkley's Bank coming out during the week. Not that they mentioned a raft of US economic indicators. There's a breakdown here of all the companies that are listed, which are important figures, quite an extensive list. But if you're interested in trading single stocks, it is certainly worth scrolling down all the way through and finding out which precise companies are posting their figures, both covering UK companies and also US companies. In terms of economic indicators, what to look out for or where can we find it? We've got the more detailed ones under the market pulse tab here. Fourth one down economic market calendar. I'll just widen this out and you can see here gives a breakdown of what we can expect each and every single day. We'll have the the previous report, the forecast, and once the numbers are actually out, we then actually have the actual on top of that as well. As you can see here, quite a bit of housing data with retail sales data coming out of the United States tomorrow. We also are turning our attention to Wednesday. As always, as I mentioned a moment ago, we have the preliminary second quarter GDP figures coming out from the UK Wednesday morning at half nine. As you do every single Wednesday, we have the oil inventory figures from the Energy Information Agency coming out at half three London time on Wednesday. And we also have an update from the Federal Reserve. I didn't go into too much detail. I kind of intentionally didn't talk about the Federal Reserve, the FOMC, when I was doing the rundown on the actual top of the webinar. Just because it's a July meeting, it's very much not really to be anticipated on this. It's obviously worth keeping an eye on. In terms of actual change of interest rates or change of actual language used from the actual statement itself is very, very unlikely. The Federal Reserve talk about wanting to tighten their monetary policy as time goes on, but by the looks of it, given the inflation rate in the US and some of the retail sales numbers on top of that in the US, traders don't really believe we're going to see another rate rise out of the Federal Reserve. It's still very much undecided. There was some concern we could see a rate hike at the back end of 2017, but in light of the recent inflation and retail sales numbers from the US, that is looking less and less likely. Keep an eye on how the US dollar is performing as well. The US dollar is broadly speaking pushing lower. That would also indicate that traders, currency traders aren't expecting a rate rise from the Fed at the back of this year. The chances are it's looking very, very unlikely. Scrolling through here, looking across on Thursday, coming up, we have jobless claims out of the US as we do every single Thursday. And finally, turning our attention to Friday, we got some CPI numbers out of Japan, employment numbers coming out of Japan. We also have some house prices coming out of the UK. We also have the regarding the US GDP, second quarter GDP estimate. This is going to be a big indicator of what the Fed may or may not do in terms of both tightening their interest rate, raising interest rates towards the back end of the year and or are they going to begin the process of tapering down or winding down the number of assets they have on their balance sheet. That's coming out. That update from the Fed over some of the United States is coming out on Friday. Now scrolling through the markets, starting off with the FTSE 100. Let's have a look at the how the FTSE has performed. The answer is not very well. Taking a look at it here on a four hour chart, we can see the major sell-off that we had at the back end of last week, it's still kind of in continuation. We're done about 100, we're done over 1% on today's trading session and we're back below what was acting as resistance on while we're going up and became support for back now below 7,391. We're about 10 or 15 points below that. As you can see here, negative momentum is on the increase and while we remain south of 7,391, the outlook is going to continue to be bearish for the FTSE 100. The next level to watch out for the downside is going to be the support from the 26th of June at 7,295. But should you see any pushes higher in the FTSE 100, the first hurdle for bulls to come over will be 7,439 and then we're looking toward this region of 7,500. The outlook and again almost even the chart shape and movements you see across all your European markets is broadly similar and what we're seeing here on the Germany 30, the DAX is a good example. This is the Friday sell-off here, breaking it through, breaking below the 100-day moving average which is previously providing support and now we're seeing here it decides to break below that. We're now trading at 12,186 on the DAX. So we're not too far away. We're eyeing up the 12,000 mark for the DAX. Should you move south of 12,000, the 200-day moving average at 11,809 will be the next level to keep an eye out for. Eddie moves higher in the DAX, the first kind of protocol and kind of resistance to any kind of values we do see. Going back to this region here, the 100-day moving average which is previously acting as support in mid-July when the market was north of it at 12,424 and then if we move north of that again, chairs will then be looking out for the 12,511 region and then of course the 50-day moving average which acts as resistance to the rally we saw in the middle of the month and that is a region of 12,618. It's a very similar looking chart and a very similar situation looking over in France. The France 40 similarly broke through the 100-day moving average to the downside. So we're testing the support here from late June early, which is also early July. We're actually south of that at the moment taking a closer look on a four-hourly chart. We can see here that this previous support level from late June and also from early July is actually not being broken through at 5,111. We've traded back north of it again but this is going to be a bit this could easily be a turning point whether we move south of it again that 5,111 could become a resistance point and then we'll be looking towards 5,000 for the downside but should we hold above 5,111 traders will then be looking towards again a 5,200, 5,240 region after any rallies that we do see. We're taking a bit of a step back and looking at it on a daily chart. We can see that while the market was grinding higher here and the 100-day moving average was broadly acting in support we can see the momentum was positive and positive momentum was actually increasing. Now we've seen a sharp decline in that and actually a swing to negative momentum. That's why when we remain in negative momentum the outlook is likely to be negative for the France 40. So a particular look now at the Eurozone 50 the Euro stocks 50 market very similar situation indeed whereby the market was gaining support from the 100-day moving average it did the lower 1-day moving average at this price here 3,515 then became the resistance any rallies it couldn't hold it to say any more as a Friday broke well below it did manage to hold on to some to these support in this area here at 5,335 which we're just north of by about 10 or 15 points in this region once again this price here 3,435 is going to be a bit of a turning point the markets have been broadly pushing lower since late May the euro is quite strong next month we have Mario Draghi speaking at Jackson Hole at the Jackson also podium three years ago that's when Mr Draghi laid the foundation and the groundwork for the European Centre Bank talking about going down the route of a bond buying scheme and now traders are speculating three years on August 2017 Mr Draghi could begin to the foundations for talk about tapering that very bond that bond buying scheme now even though you've had a great run in equity markets for 2017 we are seeing the chart is showing us that we are seeing a correction here and traders are only wondering is this correction just going to be a dip before the next move higher or given that we broke into some significant levels could we move lower the chart in the last couple of months is telling us that we're pushing south the recent dip to negative momentum here would also be something to watch out for for eurozone equities now turning our attention to the US indices which are in a better shape not too long ago they're at record highs and they even though they have moved lower they're nowhere near as they nowhere near had the sell-off that was witnessed in over here in Europe bearing in mind obviously the updates in the Federal Reserve on Wednesday and the GDP numbers coming out of the US on Friday are also going to be very much in play for what's going on in relation to the US equity markets not to mention the plethora of companies that report their figures in the next few days and weeks it still appears to be quite a solid uptrend the US 30 cash the Dow Jones buying the pullbacks has been the kind of popular strategy the last number of weeks and months as we can see here we just narrowly swung into negative momentum which is something to be slightly concerned about so we could see a larger than expected pullback so we're currently trading at 21,556 on the US 30 levels to watch out for the downside this support price here at 21,468 and then below that 21,000 itself and then traders should we see an even deeper retracement we could pull all the way back to the 50 moving average at 21,000 just south of 21,300 obviously the upside target is going to be looking towards the recent record all-time high which is posted at the long go at 21,683 and then looking beyond that looking towards apologizes 21,673 with all-time high we've been looking towards the 21,700 21,800 and then eventually 22,000 for the Dow to the upside now turning our attention over to the announced at 100 similar situation here gone on to print record highs only last week have seen a bit of a pullback given that what's been going on in Europe isn't entirely surprising but the momentum is but the overall picture for the Dow is to looking fairly positive especially compared to what's going on here in Europe levels here watching out for should we see pullbacks the support here at 2,460, 2,450 and 2,440 these are all areas you should be watching out for if you are looking to potentially in terms of if you do see a bit of a pullback seeing as what's going on over in Europe and seeing as the positive momentum here is still very much in positive territory but notice that it is that the rate of positive momentum is declining so we are going on effectively telling us if this could be a sign that the market has been moving higher plus I'm moving higher at a slower rate and who knows I could pause and we could just ramp up in terms of momentum but it can often be the case whereby you see positive momentum slowing down could be a sign of a further retracement and that's why I discussed potential levels to watch out for should we see pullback so 2,460, 2,450 and 2,440 levels to watch out for to the upside we look at the big psychological numbers of 2,480, 2,490 and 2,500 itself turning attention now to the NASDAQ 100 like I mentioned even number of tech stocks reporting in the next number of days to keep an eye on those not to the similar to what we've seen in other American indices who are by the round last week printed all-time highs and we had a bit of a sell-off on Friday edging a bit lower the New York Open is in just under two hours and we do appear to be edging a bit lower on that front similar as well whereby as the market was going was pushing higher and as we now know without to print a new record high the positive momentum was increasing all the time we have seen a bit of a cooling in the in the growth rate of positive momentum and should that continue to cool off we could see pullbacks and this is what we're looking off for in terms of levels to keep an eye on so if you take a look here at 5,897, 5,848 and 5,800 itself and if you see quite a large retracement it could even put all the way back to the fifth debuting average of 5,758 and then of course we've been looking towards north of 5,900 and then of course towards 6,000 in terms of upside targets for the NASDAQ 100 turning attention now to the global commodities markets gold has benefited greatly for number one the US dollar the week US dollar and number two the sell-off and equities it's a classic about a flight to quality in terms of getting out of equities you're deemed to be higher risk assets and getting into getting into good old traditional what seemed to be safe enough assets such as gold but also seeing as gold is trading us dollars like all commodities because it's a global currency reserve currency we are seeing gold getting a benefit from that as well it's very encouraging to see that gold is check out well last week took out the 200-day moving average and move north of it which is at 1230 it's not even trading north of both the 50-day moving average and the 100-day moving average which have been sort of in consolidation around here and when you see the moving averages kind of crossing over each other and broadly speaking trading kind of on top of each other it's usually a sign that the market is a bit indecisive of where to go next but as you can see ever so slightly we can see the 50-day moving average dipped slightly below the 100 but it does now appear to be turning higher and gaining ground on the 100-day moving average so that leg up that we saw on Friday and also this morning it's kind of separating the two moving averages adding that notice how we see a nice solid increase in positive momentum so when you see prices hitting in this case multi-week highs and multi-sectional and multi-week highs and you see positive momentum increasing it's a sign that the positive momentum confirms that they move higher in price when you see a divergence between the two and prices are going higher but positive momentum is declining or a negative that's when you kind of you could be that's could be an early warning signal that the market is about to turn over on itself or at the very least have some sort of retracement should we see pullbacks in gold we could see fall back to this to see 100-day 50-day moving average which comes to play just around 1248 47 48 below that again we'll be looking towards the 200-day moving average at 1230 and this this this level to watch out for to the upside will be 1260 which is the which is the resistance for the move higher 1258 rather in late June this line here is a trend line that drew which connects the the September 2016 low with the low here that we saw that the pullback that we saw here in May it broke through very decisive here and should we look to move beyond 1260 that trend line would then come into play in around the kind of 1265 region so should we take our 1265 we will then look towards the resistance here at 1280 on gold just turning attention now to what's going on in the silver market the two markets in golden silver are fairly well connected so the moves you can see in one are often reasonably well replicated in the moods in the other as we can see here similar similar wider move whereby the the bullion market the silver market and gold has been pushing higher around at the same time positive momentum positive momentum is increasing it also that also something that you um you can be more confident that that that the upward move is going to last while the positive momentum is increasing the big level to watch out for to the upside first one is going to be the fifth of the moving average at 16 spot 69 actors as a bit of a resistance point here or the other move part that we did see actually kind of by the looks of it uh ran out of steam even before it got through to the fifth of the moving average so that's going to be an area to watch out for if you take out 16.69 we then be looking towards 1690 which is that it's the high of this period here and then beyond that again we then be looking towards the once again a conversion between the one or day and an attorney moving average which comes into play in around the 17 spot 15 region any moves lower in silver qualified support qualified support in the 16 dollars region and then also in the 16 spot 61 region that is the silver market let's turn our attention now to the always interesting always very exciting always very volatile energy market the bearing in mind today we have a meeting between the OPEC members and the non OPEC members to discuss what what to do in relation to the to the coordinated production cut that was announced at the back end of May 20 May this year and this is the actual day that the actual coordinated production cut was actually announced so as you can see oil has dropped off considerably since then it's uh from this point here from before the meeting to now oil is down around 10 or 11 percent so it's clearly been unsuccessful from OPEC and the non OPEC point of view. Subjects that are for discussion include actually getting other members to adhere to the actual production cut itself Nigeria and Libya have been exempt from the actual production cut because of their own personal circumstances and there's talk that both of those countries are going to be asked to apply with that but given that even countries like Saudi Arabia increase their production this month or that speculation that that there was one energy agency and that speculated that Saudi Arabia would increase would have increased their output this month. People are traders are wondering how much conflict do they actually have in OPEC's ability to influence the price of oil seeing as some countries even like Ecuador just go off and actually kind of break ranks and actually go ahead and rather production anyways and countries like Iran sorry apologies countries like Libya and Nigeria are also have a bit are exempt from it so people are kind of wondering actually how really are interventions are actually OPEC or is this another meeting to talk about potentially doing some alterations in the rise in the hope of actually just pushing up the price. But if you look at a big picture has been very much to the downside over the last number of months now that we that this move here this hot move here higher did take out the recent high here what we're seeing on this front here from the low of late June to collecting the load of mid to early July could very well be the beginning of another kind of upward move and should we should that be the case looking at the double at the Brent oil chart we're pretty much trading right at the moment at $48 and 48 cents which is pretty much just shy of the 50 day moving average we traded above a couple of occasions last week but didn't manage to hold on to those levels so should we reclaim the 50 day moving average at in around $49 a barrel we've been looking for the psychologically important 50 bucks a barrel for Brent and then beyond that we've been looking towards the one-day moving average at $50 at 52 cents and then of course the more important of the moving averages the two-day moving averages at $51 and 62 cents we have seen a small decline in positive momentum so the old market has been fairly volatile but the price over the last number of weeks has been pointing higher so we could see a push higher especially on a day like today when you do have OPEC actually I know a number of OPEC members getting together to discuss what to do with their actual price that with with their production cut so any kind of move lower in the price of all could find support in around this price at this price here of $47 and then below that $46 so that is looking at Brent it's going to be a very very similar token chart for WTI similar estimation that it's been pushing higher over the last number of weeks the high in July took out pick out the high that was very that was created at the very beginning of July so this could well be the beginning of another kind of pushing higher for the price of WTI that the first level is going to need to overcome as a 50 day moving average of $46 and 40 cents beyond that we're looking toward this price here the high of the July which comes to the play at $47.54 and then we're looking toward this this this price action here of this level here of $48.23 and then 49.17 for the two-day moving average if we didn't see any kind of pull backs in the price of WTI we then be looking towards $44.93 and then below that $43.56 Turning our attention now to what's going on in the currency markets run through a few currencies now and the euro has had a certainly a very good run over the last number of weeks and months trading north well north of $1.16 even eyeing of $1.17 the single currency has recently been at a two-year high versus the US dollar and while the market is going on printing those multi-year highs the outlook is going to remain bullish for that predicted currency for the euro versus the euro dollar as you can see here price is moving up in a very clear and concise upward trend we can see here that the positive momentum is on the rise as well so you can be more confident not guaranteed more confident that the upward trend is going to last buying on the dips has been a very popular strategy in the last number of months for the euro versus the US dollar so should we see any kind of pullbacks in the currency pair we could be looking at support in around the kind of $1.16 region and then of course $1.17 is going to be the next level to watch out for in terms of price action so should we see any kind of moves lower in the euro versus the US dollar the $1.16 20 region $1.16 itself and then this high here of $1.15 80 these are areas you can be keeping an eye out should we see pullbacks in the currency pair and then of course you're looking towards taking out the matching the all-time recent high of $1.16 82 and then beyond that $1.17 and $1.18 to the upside for the euro versus the US dollar and turning on our attention now over to the pound versus the US dollar bearing in mind it's been a bit of a tough time for the US dollar the last number of weeks we have seen a setting pressure on the greenback like I mentioned traders don't really believe that the better reserve are serious about raising rates again in 2017 for that reason we are seeing a bit of a pullback in the US dollar not to mention the fact that Mr. Trump the president of the United States of America has also been in some political scandals as well and while Mr. Trump failed to get through his healthcare reforms traders are also wondering if he can get through his healthcare reforms how can he get through stimulus packages in terms of infrastructure how can he get through banking reform and changes to taxation as well we have seen a bit more choppy trading in the pound versus the US dollar but we have seen a pullback here and we could be looking at another kind of push higher as we can see the price here as it was declining positive momentum is declining as well we're not going to be wondering is this the point whereby we've had a pullback are we now going to set to take on and try and retake 131.25 and then head towards 132 or if we move southbound where are we going to head to obviously the kind of 130 itself or trading just north of that that's going to be kind of psychological important never to watch out for but should we see pullbacks in the currency pair we could be looking at support in around the 129.30 region and then of course the moving average at 128.90 turning our attention now to euro sterling so I have a question here do I think the euro dollar will remain bullish and for how long before I go back to the euro sterling I'll quickly pop on to the euro dollar there's the old adage it's a bit it's a bit cheesy but it's an old adage for a reason the trend is your friend often something if something rhymes like that it often doesn't doesn't give the weight that actually deserves but the momentum is clearly to the upside versus the u.s. dollar in terms of actually looking at the chart like I mentioned last week we hit a two year high versus the euro versus the u.s. dollar it's something that you should not be ignored while you're hitting multi-year highs and a trend is in a very clear and concise direction which it is very much moving to the upside it's a classic example of markets pushing higher pulls back creates a new high higher no pushes higher creates a new high for the year rest back not to December from where the previous high was quick support pushes higher it's been a very clear upward trend I think we're very dangerous to ignore that in relation to how time frame it's difficult to kind of put a national time frame on it dog theory tells us that a trend is in is in is in place until effectively the trend until effectively the trend you assume the trend is in place until you actually see some signs in the chart that the trend is no longer in place that would be larger tracements or certain bearish engulfing or something that does to suggest that the market could be looking what turned around we haven't seen any of those signs just yet at all on the euro versus the u.s dollar so the trend the chart is telling us pointing to upward sign we haven't seen any any indication to believe otherwise also bearing in mind you asked about the time frame bearing in mind august 2014 when mario draki laid the groundwork for the bond buying scheme he was announced at jackson holder they were considering monetary easing and it wasn't and then it wasn't actually announced until june following january and didn't actually become implemented until march so there was over six over six there was seven month period between mario draki talking about uh easy beginning the bond buying scheme and the bond buying scheme actually being introduced so in terms of time frame i wouldn't like to put an actual time frame on it but we could be looking at a scenario for several months in that from now we could always have speculation that the euro that the eurozone of european central bank is talking about or is looking over as really seriously considering tapering the actual bond buying scheme and from a fundamental point of view while that has been talked about traders are going to be looking at being long the euro particularly against u.s dollar because u.s dollar is not looking like a scenario whereby political certainty starting mr trump and also some economic indicators have been too hot so we could be looking at several more months uh all the but of a move higher in the u.s euro versus the u.s dollar let's open the shirt now of the euro versus the british pound excuse me the euro has been also been gaining ground versus the pound um once again not as as a clear but the last number of months uh since april onwards been a very clear upward trend in the euro versus the sterling versus the pound once again the there's very much uh speculation that the ecb is going to talk about trimming its bond buying scheme also if you look at some of the economic indicators out of the uk particularly the most recent inflation numbers much we're you know in the kind of came in at 2.6 percent really kind of taken the wind out of the sails of the hawks uh of the bank of england so we're probably going to have a bit of a we're not we're probably not going to have as much kind of fear that the uk is going to tighten its um stimulus package anytime soon so we're looking at the trend here and euro versus the sterling pushing higher buying the trends has been the name of the game in the last number of months we'll be looking towards 90 uh in terms of actually upside targets at the record beyond that we'll then be looking towards uh 2016 levels beyond 90 we'll then be looking toward this price action here in around the kind of 90 50 region and then of course beyond that we will be looking towards 91 in terms of upside upward targets for the euro versus the sterling downside areas should we see and should we see any uh pullbacks we could be looking at support in around the kind of 89 region uh zoom in on a for our chart to get an idea in between 89 and also 88 80 has been a a big level to watch out for per euro sterling and then this price action here of 88 44 uh looking at the dollar versus sorry the US dollar versus the Japanese yen i am aware that it's the time that's coming up on uh on 10 to 1 so we have ran over time on this uh in terms of um currency pairs yes uh museum dollar Canadian dollar and US dollar Singaporean dollar yes so what i'll do is i will uh do the uh dollar yen now and then i'll have a look at both the the Kiwi Canadian and also the US Singaporean dollar and then we'll look to wrap off the webinar itself if you look here it's been a fairly clear and concise doword move in the US dollar um it's also reflected in the actual negative increase in negative momentum uh that we've that we've witnessed here this is what i was trying to convey in previous examples of very different charts there's obviously no guarantee that the momentum is going to perfectly go from rising rising rising to slightly declining into sweet into negative and then of course the negative uh momentum increases but this is a good example of here how while the while the US dollar or Japanese yen was pushing lower we did see fairly steady negative momentum it pulls back out of that and you can see momentum then increasing it's kind of confirming the kind of upward move and then what we're seeing here to the downside is a fairly sharp and steady sell-off which is also reflected in the in the increase in negative momentum the trend over the last uh since well the trend over the last few uh few sessions that is very much to the downside so we'll be looking towards one ten thirty and then one one ten itself and then below that one 109 for the to the downside targets and it kind of moves higher i need to keep an eye out for the two-day moving average this year at 112 and then north of that 112 46 and then 113 for the dollar versus the Japanese yen uh yeah i'll have a look now i'll have a look now at the two requests um kiwi dollar Canadian dollar and the US dollar Singaporean dollar crap you know it is i'm going to be wrapping up the webinar in a few minutes time so if there's any other uh markets that i haven't had you'd like me to cover could you please just shout that out and stick it in the box it's browsing through no currencies New Zealand dollar we are getting there New Zealand dollar oh throw on New Zealand dollar Canadian dollar here we go finally now over the last number of years the kind of big picture trend said mid 2015 to the mid 2017 so that's a couple of years we've been broadly kind of pushing higher on the New Zealand dollar versus the Canadian dollar so they you would have liked to have seen this high here in June take out the high from the from late 2016 to kind of confirm that we're on an upward move for we're certainly are creating lower lows we haven't necessarily always created lower highs uh looking at that particular currency pair uh looking at zooming in on a bit bit more uh bit more of a shorter term um shorter term chart here we can see that once again all the consolidation between moving averages tells us that the market is kind of a bit unsure of where to go we could be looking at a bit of a range bound move uh for the time being but as you can see um from late from the early June so till now of that six weeks it's been very much in a downward trend and while we saw the price action move lower we saw an increase in negative momentum and now we're seeing a slight push higher and negative momentum is very much dissipating so we could be looking at a point whereby we could swing around the positive momentum and we could see price push higher for the New Zealand dollar versus the Canadian dollar I showed you look that the in order to kind of resume the upward trend that's been in place over the last couple of years probably speaking lower lows at least we would need to be taking out these moving averages here what are the moving average at 94 35 the 30 moving average 94 54 and then the 50 moving average at 94 90 and then beyond that we're looking towards 96 and then of course we'll be looking for the uh the June high of 97 759 but if we should we fail to kind of take out these moving averages here and should we resume the downward trend that has been in since early June we would that take us back towards 92 the April low you got to keep an eye off of the April low which is comes into play at 91 72 and so and then beyond below that again we've been looking towards the 91 region for that for the for the New Zealand dollar versus the Canadian dollar I'll do just to the US dollar versus the Singaporean dollar last and then we will be wrapping up the webinar well straight away I know that the United States has as been particularly posting impressive economic indicators so as as you can visually visually see here it's been a classic example of a downward trend that we've seen in the dollar versus the Singaporean dollar creating lower lows lower highs lower lows lower highs all the way along been a very clear and concise downward trend quite a bit of selling recently reflected in the in the relatively high amount and increasing the high amount of negative momentum that we're seeing pushing towards the downside so the outlook is clearly very much to the downside for this particular currency pair we were looking towards the the 135 region it's going to be the next kind of big psychological moment to keep an eye on for and then of course we've been looking for just sub 134 we do have some support here just sub 134 at 133 47 so keep keep an eye out to the downside of 134 and then 133 47 for the Singapore for the US dollar versus the Singaporean dollar move to the upside 137 here there is this this push higher here which comes to play at once just north of 137 coincide with a with the support here 137 and then beyond that we're looking towards 138 and 138 16 in terms of resistance but the trend as you can see here throughout throughout 2078 being clearly very much to the downside for that there is a couple of one more things I do want I do want to show you before we actually do wrap up the actual webinar itself I mentioned to you about showing you where we have the we have the gods where we have very different news articles and I'm looking ahead week ahead on our website but also want to show you that we have another webinar tonight performed hosted by trading with precision you can sign up here in the same place where you signed up for this webinar the trader development program part four live trading Q&A you can sign up for it here and that's that is tonight uh monday 29th of july at 7 30 p.m london time uh thank you very much for for for tuning into the CMC markets weekly webinar with myself market analyst David Madden uh good luck and have a good trading week