 Hi everyone. Welcome to today's webinar, which is going to be on the live trading session. I will just wait for a minute for everyone to start tuning in and then we'll be good to go. I just want to make sure you guys can see my screen. You should be seeing the first page of the presentation slides, which is live trading session brought to you by TickMill 2023. All right. Thanks, Zainab. All right. And of course, do take note. We've got the Q&A and the chat windows open as well. So do not hesitate to drop me any questions or queries should you have any during today's webinar. All right. Okay. I think we're good to go. So, all right. Before we start, as usual, please take note of the disclaimer and the high risk warning. The material provided here is for information purposes only and should not be considered as investment advice. The views, information, all opinions expressed in the text belong solely to the author and not to the author's employer, organization, committee, or other group or individual or company. And of course, CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. All right. So do take note of the disclaimer and the high risk warning as well. All right. Okay. So my name is Ketan Ravishchandra. So this webinar series is brought to you in a special partnership between TickMill and Everest Fortune Group, where Everest Fortune Group has been the final list for best effects and equity research for the following years, 2019, 2020, and 2021. All right. Okay. So just a simple agenda before we dive into the charts on TradingView. So we'll take a look at the key news events that are coming up this week. And then, of course, we'll do a live analysis on the major FX pairs, commodities, and the desserts as well and any other requests that you may have. All right. So here are some of the key events to take note of. There's other economic data releases coming up this week. But we actually have four major central banks announcing their monetary policy statements this week. So starting with the Federal Reserve on Thursday, 20th of September. Well, depending on your time zone, whether it's Wednesday or Thursday, but it's 20th of September, then we have the FOMC meeting coming up. And then we have on the 21st of September, we have the Swiss National Bank, as well as the Bank of England announcing their respective monetary policy statements. And we round up with the Bank of Japan announcing theirs on Friday, 22nd of September. So do take note of these key dates and the time as well. We'll jump over to Forex Factory as well. So you guys can look at the time as well. But just to cover what can we expect going into each of the respective monetary policy decisions. All right. Okay. So first up, we have the Federal Reserve and the FOMC meeting, which will be concluded on the 20th of September. Right now, the Fed funds rate currently sits at 5.5%. And although inflation has picked up in the US, if we look at headline CPI for the month of July and August, it's actually increased. It was 3% in June, 3.2% in July and 3.7% in August. But despite this slight uptick in headline CPI data, it is widely expected that the Federal Reserve are ready to keep rates on hold at this week's meeting. They feel that interest rates are sufficiently high for now. And despite inflation looking to be picking up again, they are adopting a wait-and-see approach for this week's meeting. Right. So as mentioned here, okay, so it's just a quick summary of what happened at Jackson Hole and what could and what could we expect for this week's meeting. So first of all, of course, the Federal Reserve is keeping it open, they're open to holding rates as well as increasing rates if necessary to combat inflation. But as of now, it does seem that they are going to keep rates steady at this week's meeting. Right. Okay. So we could have a case where we may see the dollar index pulled back this week. But do take note, following the interest rate announcement, Chairman Jerome Powell will also be having a press conference. So during this press conference, if he turns out to be very hawkish, we could see demand for the US dollar pick up again. Right. So although Fed is going to keep rates on hold, very likely going to keep rates on hold, we may see the dollar index pulled back for the first half of this week. But if Chairman Jerome Powell comes out to be hawkish during his press conference, we could see some of the moves reverse and we could see dollar index climb higher. Right. Next is the Swiss National Bank. The interest rate is currently at 1.75% and 1.75, yeah, 1.75%. And because the level of inflation projections have increased in Switzerland due to second round effects of elevated electricity prices, increased rents is very likely they're going to raise rates again. So they're going to raise it by 25 basis points to bring it up to 2%. So it's also going to be a very volatile week for the dollar franc because we have FOMC first, and then we have Swiss National Bank after. So we could see potentially see dollar franc rise after the FOMC meeting. And then when S&B releases its interest rate decision, we could see dollar franc pull back. Okay, then quickly moving on to the UK interest rates are currently at 5.25%. We can also see that the Bank of England has raised interest rates very aggressively. And of course, because inflation is still historically high in the UK, but the market is expecting the Bank of England to raise rates to 5.5% at this week's meeting. Although they expect inflation to fall significantly further by the end of the year, it is quite likely that the Bank of England will still raise interest rates this week. Alright, then finally, we end off with Japan. Japan has kept its main interest rate at negative 0.1% since 2016. They are the only country to have not really suffered from inflation when looking at the CPI data. So they will continue to expand the monetary base until inflation exceeds 2% on an annualized basis. But the main thing to look out for during the BOJ announcement and the press conference would be with regards to the yield curve control policy. So just to simply put this, this is a policy level that's used to control the bond yields. And in the previous meeting, they actually increased this ceiling to 0.5%. So what does this mean? So this means that bond yields in Japan are allowed to rise. So that means this is a potential trigger for the Japanese yen to strengthen. So if the Japanese yen strengthens, that means dollar yen is going to fall. So even though the Bank of Japan may keep interest rates at negative 0.1%, but if they tweak the yield curve control once more and increase the ceiling, this could cause the Japanese yen to strengthen and that means dollar yen could fall. So do take note of how to interpret this piece of information. All right. Okay, now let's quickly move over to Borax Factory. So I'm on GMT time and here this is the calendar for this week. So tomorrow we have, apart from the four major central banks announcing their interest rate decisions, we also have CPI data out of Canada. We've got the monetary policy meeting minutes from Australia plus a few other things. All right. Okay, so just to focus on the central banks. So September 20th, 6 p.m. GMT time, the Federal Reserve will update their Fed funds rate and release their statement. As you can see here, currently the Fed funds rate or the interest rate sits at 5.5%. The forecast is for them to keep rates on hold, which is widely expected. But do take note of the press conference that follows at 6.30 p.m. This is going to be key because markets and traders will get a very good insight into the Chairman's thoughts and outlooks for the rest of the year. Right. So although they may keep rates on hold, but if the press conference turns out to be quite hawkish, we may see demand for the dollar pickup. Okay, then moving on to Thursday 21st of September, we've got the Swiss National Bank announcing their policy rate. This is at 7.30 a.m. GMT. And we can see here that the rate is currently at 1.75%. They're going to increase it by 25 basis point to 2%. So it's very likely that the Swiss National Bank will raise interest rates and this potentially could cause the dollar Frank to fall. Following which we've got the Bank of England at 11 a.m. announcing their official bank rate. So as you can see here, currently the bank rate official bank rate sits at 5.25%. They too are going to increase it to 5.5%. Okay. And then finally, we have Japan, the Bank of Japan, releasing their statements. As you can see over here, it is indicated as tentative, but usually based on past announcements, the Bank of Japan has released its policy statement at about usually between 3 and 4 a.m. GMT time. Usually between 3 and 4 a.m. GMT time that's when they have usually released their policy statement and the press conference usually follows one hour after the release. So do take note of the main central bank decisions that are coming up this week and the time of the statement release as well as the time of the press conference. Because all of these will have a major impact on currency markets this week. All right. Okay. Now we can finally dive into the charts. Right. So here we are on trading view. Right. Okay. So I'm on the four hour timeframe for the dollar index. All right. Hi, everyone. Good to see you. All right. Hi, Jamilu. Good to see you as well. And the other questions, comments coming in. All right. Okay. So as you can see, dollar index is trading about 105.22. Let's just zoom out a little bit and get some perspective on how strong the dollar has been over the last eight weeks or so. Right. So we've had, so okay, just to recap, I'm on the weekly timeframe now for the dollar index. And as you can see, price has made nine consecutive weeks of strong gains for the dollar index. Of course, during the week of 28th of August as well as 11th September, the dollar index actually pulled back at the start of the week, but it actually turned around and bounced higher to close the week higher. But essentially, you can see nine strong consecutive weeks of gains for the dollar index. And it does seem like we are approaching a pretty important resistance level because we can see back in, what is this? Yeah, in the first week of March, we can see price making a very significant swing high here. Right. So this points us that this is a very key resistance area and price is now pulling back from this level. Right. As I mentioned, because markets are expecting Federal Reserve to keep rates on hold, we may see the dollar index pulled back for the first half of the week. But if the press conference turns out to be very hawkish by Chairman Jerome Powell, we could see dollar index move higher again. All right. So let's just now focus in back on the four, our timeframes. So as you can see, this is the weekly timeframe just to give us a perspective on how strong the dollar has been and where the major resistance level is. At least for the first resistance. And you can see where the major first support is as well. Right. So now let's go into the daily time frame. What was this? All right. Okay. Okay. So this is the daily time frame. Okay. We can see price is now currently pulling back as we speak. So I think we can also do a Fibonacci retracement together to identify some of the key support levels. Right. So I'm going to start this retracement from this swing low on the 14th of July, ending with a swing high on 14th of September. Right. Okay. In terms of overlap, we see this level at 104.50 as a very strong overlap support. Why is that? Because we can see price making a significant swing high here in the end of May and as recently as 11th of September last week, price bounced off this level pretty strongly as well. So we've got two instances where price has reacted off this level very strongly. And hence that's how we've identified this as the first support. Actually, we can even say that we can even say that this level here, right, when price made this swing high here on 25th of August. So there's three instances where the dollar index actually bounced off or reacted off this level, which gives us significance, which gives us confidence to identify this level at 104.50 as a key overlap support. Right. Okay. So let's just get rid of some of the annotations. Okay. Okay. We can see that none of the Fibonacci retracement levels generally line up with any key overlaps. So I think for now, I would just remove this Fibonacci retracement level. All right. We do see a Fibonacci projection level at 61.8%. Now, this projection level was identified by using, by starting the, in this case, we would use the trend-based Fibonacci extension. Right. So I'm just going to show you guys how we did this. Right. So let's just delete that. So we're going to use the tool, which is called trend-based Fibonacci extension. So this uses three points. So we'll start with the swing low here on 30th of August, going up to the swing high on 7th of September. And we end with the swing low on 11th of September. Right. So as you can see, the 61.8% Fibonacci projection level lines up very squarely with the first resistance as well. So you can see here on the daily timeframe as well, price making a very significant swing high here on 8th of March, which is also a level that coincides with the 61.8% Fibonacci retracement level. Now let's just pull up the 78.6 as well and see if that can help us identify perhaps the second resistance level. Actually, let's pull up all. So these are the key projection levels, 61.8%, 78.6% and 100%. Right. Okay, 78.6% doesn't seem to line up with any other level, but I do see price making a significant swing high here as well. This took place on 29th of November. Last year, you can see price making a significant swing here, and it aligns quite close to where the 100% Fibonacci projection level is. So this is how I would identify the second major resistance zone for the dollar index. Right. So in this case, we'll just keep 100 and 61.8% Fibonacci projection levels. Okay. So this is how we've done. Second resistance identified rather sorry, the second resistance, first resistance, and the first support. Okay. Now let's zoom it again into a lower timeframe. In this case, now I'm going to look at the four hour timeframe. If we zoom in here and look at where price is currently trading, dollar index has been ranging within a very narrow band since it opened up this morning. It's been trading between 1 to 520 and about 1 to 536. So a very narrow band has actually been a very quiet day for currency markets thus far. And if you see the dotted lines, I have a great dotted line here at 1 to 5.43 and a green dotted line here at 1 to 5.15. Now I've identified these levels as intermediate support and resistance levels. Right. So you can see when price made the swing high on 14th of September, I've used that swing high to identify 1 to 5.43 as an intermediate resistance level. And if you look here, back from 7th of September, all the way to where price is currently trading, we see a nice overlap level as well at 1 to 5.50. That's how I've identified this intermediate support using this overlap level. Right. So price as I mentioned, price is currently ranging between these two levels, which is a very narrow range. It is possibly waiting for a trigger for a move in either direction. Right. So but I think most likely, at least for the first half of the week, the dollar index could be weak and it could start to pull back before FOMC meeting. All right. All right. Hi Jayden. Good to see you as well. Okay. So this is on the full hour time. Let's see if we can identify maybe where the second support could be. Let me see if I can use, if you look, there's no real major nice overlap. Let me see if I can use the Fibonacci retracement. All right. Okay. So I've used this Fibonacci retracement starting from this swing low on 30th of August, going up to the swing high here on 14th of September. Right. So when we pull up all the Fibonacci retracement levels, we can see that the 38.2% retracement level lines up very well with what we have identified as the first support. So we're going to keep 38.2%. That helps us reinforce the significance of this first overlap support. Now for the second support, at least on the four hour time frame, we do, there's no really, no real major overlap, but we do see a pretty decent, I guess pullback level around here, just above where the 61.8% Fibonacci retracement level lies. Let me just point that out for you here. And I'm going to highlight this as a green box. Right. Okay. I think we'll just tidy up everything in terms of retracement levels. We'll keep 38 and 61. Let's do that. So we've tidied up the retracement level. So we can see that this price level here between 103.90 and 104. It's a pretty decent support zone for the dollar index as well. We can see price making a significant swing here on 23rd of August. Then after that, you can argue it found support here on 25th of August as well. And then again on 29th of August before breaking lower and then coming back up again and then finding support once more. Right. So I think this is how we can identify the second support for the dollar index on the four hour time frame. How do you confirm a valid pullback? What are the criteria you look for? All right. Hi, Jayden. Okay. Okay. Jayden has a question. How do you confirm a valid pullback? What are the criteria you look for? So basically, at least on the higher time frames, right? When you look at the four hour time frame, for example, which is what we are on, we will see less noise in price fluctuations. So when we see price reacting off a particular level multiple times or making significant swings, that's how we can use it to identify a valid swing low resistance, swing high resistance, or pullback, or an overlap as well. All right. Okay. How would I do it? Like, okay. For example, here, if we look here on 30th of August, we can see price making a very significant swing low here, right? Price was initially trading about one of four to 36. It fell quite rapidly going as low as what is this? 102.90 and then it bottomed around here and bounced higher. So you can see when price makes significant swing lows like this, this is where I would also identify as a major swing low resistance, right? So let's just say hypothetically price has broken through the first support level here and the second support level here. If that were to happen, then I would identify this level here, 102.91 as the next significant support for the dollar index, right? This is one way of how we can use a significant swing low. And even if I were to extend it back here as well, you can sort of argue that price made another swing low bounce here. So in this scenario, because we have two touches here, one here and the second one here, we can call this as a pullback support level, or we can also call it as a multi swing low support level, right? Because you can see price bouncing off here strongly once and then strongly again for the second time. So in this, when you see this type of price action, you can label this support level as a pullback support or even a multi swing low support, right? So that's how we can use, identify pullback levels, meet the resistance or support when you see price action such as this. Now, even if we go back to, okay, right, welcome Jaden. If you go back to see in early September, when price broke above or came close to 105, right? It ran into a sort of resistance here, right? Let me just highlight it, label it as well. I'll just put a red resistance line. So you can see price, once it hit 105, it failed to break out of this range or break above this range over the next day or two. So in this scenario, when you see price action like this, this would be called a pullback resistance level, right? This would be a pullback resistance level and when price came down here, you can see price was bouncing off this level a few times. If you just look at this in isolation, right? Then this, we would identify this as a pullback support. So you can see price bouncing off this level. So we identified this as a pullback support but when we zoom out and we see price making a significant swing high here, we would call this now an overlap level. Why an overlap? Because price has reacted off this level here as a significant resistance and then when price breaks above it, what was resistance in the past would then act as support, which is what we see here in mid of September. So when you have a scenario like this, we would call this now in this current context a major overlap support, right? And it is a major overlap support because we also have the 38.2 percent Fibonacci retracement level reinforcing the significance of 104.50. All right? Okay. So if price were to break through the first support and second support and continues to drop below 103.50, the next major support level for the dollar index would be at 103, right? That's how we can identify major support levels. Now to the upside, right? As I mentioned earlier, we have, I can just remove this. We don't need that. And I'll also clear this up as well. Right. Okay. As I mentioned earlier, dollar index has been trading in a very narrow range since opening early this morning. It's been between 105.15 and 105.43, right? So we've identified these, this level here, 105.43 as an intermediate resistance and this overlap level here at 105.50 as an intermediate support. Now to the upside, we've used the Fibonacci projection levels, 61.8 percent Fibonacci projection level and 100 percent protection level to identify the resistance. So do take note of this, of the levels for, of the support and resistance levels for the dollar index on the four hour timeframe. And we suspect that the dollar index is going to pull back at least the first half of the week until we have the FOMC meeting come up on, FOMC meeting conclude on the 20th of September. Right. So if dollar index has been rising strongly since mid-July, right, coming to nine weeks of, it has already completed nine strong weeks of gains, then of course the euro will be falling, right? Which is what we see. Okay. Just let me clear this up. Apologies for that. All right. As you can see, since middle of July, the euro has been in a very strong downtrend. I can also see a potential, I associate a bearish trend line as well. And you can see a very, a bearish channel rather, right? You can see a very, yep, we can see price touching here, the upper part of the channel on 18 July as well as on 30th of August. And then if we look at the lower, lower bound price making, touching the channel on 28 of July as well as on 3rd of August, right? So the euro has been falling quite rapidly over the last nine weeks as well. Right. But because we expect dollar index to pull back at the beginning of this week, naturally we are seeing the euro being supported now, right? Euro is currently trading around 1.0673 and it could potentially move higher. Now where are the major resistance levels on the support, sorry, on the four hour time frame as well as the support levels as well. Let's try and identify them together. Right. We can use Fibonacci retracement. Hang on. Let me adjust this a little bit. I think we can start from this swing high here. So like this swing high took place on 18 of July and ending with a swing low on 14 of September. Let's pull up all the Fibonacci levels, right? Okay. So we have this big downward move. We've done the Fibonacci retracement. We can see an overlap level here as well at 1.0760 where we can see price finding support here on 25th of August and running into resistance in mid-September. So we can see a nice overlap level here that lines up pretty close to where the 23.6% Fibonacci retracement is. And if I want to zoom out a little bit, do I see any other nice overlaps? Probably not. Okay. I think as a first major resistance would be here at 1.0765. Right. And also if you want to identify something a little bit closer, because we see price making, you can see price has made a significant swing low here as well, like a swing bounce here as well. Right. We can see that this level here did offer support when price was falling. So what was once a support level could then potentially be a resistance level. So I would like, I would identify this pull back here at 1.0685 as an intermediate resistance level, right? Which is not too far from where price is currently trading. So if the euro continues to rise today and tomorrow and it breaks above this intermediate resistance at 1.0685, we are quite likely to see it at least come close to where this zone is here that's highlighted by my cursor. We see the intersection between the first overlap resistance and the upper line of the channel. So this is a pretty strong resistance zone where you have the intersections as well. Right. We can also use a Fibonacci retracement on this part of the move. Right. From this swing high on top September, going down to the swing low here on 40 September. We can zoom in a little bit. Right. We can also see that 38.2% Fibonacci retracement level lines up quite well with the intermediate resistance that we had found earlier. And then in terms of any other major overlap just we can just keep a 61.8% here as well as a guide. So let's just keep 38 and 61%. All right. Okay. So what we see here, right? So just to recap or don't recap, but just to repeat, we did, we used a Fibonacci retracement tool starting from the swing high here on top of September ending with the swing loan 14th of September. We've kept 38.2% and 61.8% Fibonacci retracement levels. Quite a 38 because we can see it lines up very well with the pullback support level that we had identified at 1.685. 61% is of course, we know the golden ratio. And once more, we can also argue that this level here price found support around this level on 5th of September and then again on 12th of September. So what had acted in the past as a pretty decent support level would then potentially act as a resistance level now, right? So this also lines up very well with where the 61.8% Fibonacci retracement level lies. Right. Okay. So to the upside, these are some of the key resistance levels to look out for on the euro. First up, we have the intermediate resistance at 1.0685 lines up with the 38.2% Fibonacci retracement level. Then we have this zone here between 1.0706 and 1.0718, which is where the 61.8% Fibonacci retracement level lies as well. And then we have the first major overlap resistance at 1.0765, which aligns, okay, not exactly close, but about 30 pips away from where the 33.6% Fibonacci retracement level lies. Okay. Now what about to the downside, if I identified all the resistance levels or rather the more immediate resistance levels on the four-hour time frame, we can now look at the support levels. Right. So first of all, this swing load that took place on the 40th of September is where I would identify the first support level. Because this is, you can see price has made a very significant bounce off this level here. Right. You can see price falling very sharply, finding support at 1.0633 and then has retraced higher. Right. So when you see price action such as this, this should also help us identify major swing lows as well, major support or potential support levels. So this is how we've identified the first support, which is a swing low at 1.0633. Okay. Now what about the second support? Okay. So not only is this price action here a swing low support, if we zoom out and we go back and look at what happened on 31st of May, we can also see price making a very significant, significant bounce here as well. Right on very significant swing low over here on 31st of August as well. So when we now extend the first support here from this swing low, we're going to pull it all the way here. We can see that this is now a pullback support. Right. Because we have seen price bouncing off this level once and then again, first of all, price bouncing on this level on 31st of May and then bouncing off on 14th of September. So this is now a very significant pullback support for the Euro. And if price were to go higher, let's just say hypothetically, it bounces very high coming up to where the first resistance is, then we can also identify this pullback support as a multi swing low support as well. For now, we'll just identify it as a major pullback support. And this is where the first key or significant support level for the Euro lies. 1.0633. Okay. What about the second? Okay. In this case, let's just tidy things up, keep 23.6%. What about the second support level for the Euro should 1.0633 giveaway? If we see here, this is also, if we look here, back on 24th of February, 8th of March and 15th of March, this is also a very strong pullback support level as well. So should price fall as low as 1.0580, 1.560, then this level here at 1.051.0537 would then potentially offer significant support for price because we can see price making bouncing off this level three times. We can see three significant swing lows here. This is the first one, second, and third. So three significant swing low price action and a very nice pullback support here as well. All right, but okay. What about the second support? How are we going to identify that? Let me see. Let me just, what I'm going to do is I'm going to use a Fibonacci retracement starting from this swing low 31st of May, going up to the swing high. I'm trying to use the extension levels. So the extension levels, retracement levels that are greater than 100%. So in this case, it would be the 127 and 161%. So when you see price making, like in this case, it's like an inverse Nike thick sort of move. If you look at the biggest on a slightly top view approach, you can see price action is similar to an inverse Nike thick. So when price continues to fall in this manner like this, then potentially the extension levels here at 127% and 161% help us to identify potential support areas. But as of now, we can see they lie simply too far from where price is currently trading. So they may not offer much relevance now. But if price does break lower, you can see that this level between where the extension level lies and the pullback level lies would be a major potential support zone for the euro. So you can see how we can try and identify major support zones when we zoom out a little bit and help use Fibonacci extension levels as well. All right. Okay. But simply because this is way too far from where price is currently trading. So let's just tidy up the chart and see where we can identify something a little bit more closer or more relevant and more closer. All right. I think we can use Fibonacci. Okay. Let me just zoom in a bit. We can try and use, I would say, Fibonacci projection. Right. So projection is a trend-based Fibonacci extension tool. So we'll start with a swing high here on 30th of August, going down to the swing low on 7th of September and with the swing high here on 13th of September. Right. I'm using the projection tool to help us identify support levels. Right. Okay. Because we don't see any other major pullbacks or overlap levels that are a bit closer to where price is currently trading. So in this type of scenario, we can use the projection tool and we can see where price could potentially hit to or drop to should the first support level be broken. Right. So we can see 78.6% is here. Sorry, 61.8% is here and 1.0604. 78.6% is here. So if we zoom out a little bit, let me see. There's a small pullback here. I wonder if it lines up with any of the projection levels. Okay. Probably, I think, okay, in this case, because there's no major pullback or support level that I see. So to help me identify the second support level, I will just simply use the 61.8% Fibonacci projection level. So it's about 30 pips away from where the first major pullback support level lies. So in this type of situation, I would use the Fibonacci projection tool to help me identify potential support levels for price. So in this case, I'll just keep 61.8% and I'll uncheck all the other projection levels. All right. Okay. So this is the euro. We are on the four-hour time frame. So do take note of the major support and resistance levels on the four-hour time frame. Okay. Right. Okay. Next, we can move on to the pound because we've also got the Bank of England coming up this week. So let's just remove, start from a fresh canvas. So similarly as well, since mid-July, of course, if the euro is falling, dollar index is rising. Actually, the pound dollar is also falling. So let's see if there's a bearish channel that we can identify here for this instrument. Let's see. Yeah. That is not the best bearish channel that I see, but yeah, because there's only one touch that we have at the bottom here, but we have one, two, three, four touches to the top. So I think, okay, we can still use this bearish channel so that we know where price is heading. We can see it's clearly making lower highs and lower lows. Right. Okay. Now, what about the more intermediate support and resistance levels? Once again, we can see here price finding support at 1.2382. So I would use this pullback level here to help me identify the first support for the pound. If I want to zoom out, is there any other, yes, you can see when I zoom out a little bit as well, you can see price making a significant bounce here on the 5th of June. So we've identified what we've done is we've identified a very significant pullback level, pullback support level for the pound. Right. So we can see back in the 5th of June, price making a very significant swing low here and then bouncing very strongly. And now, as maybe fast forward to where price is trading, price has found support at this level once more. Okay. Okay. Hi, Glenn, if I've pronounced, hope I hope to pronounce your name, but you've put your hand up. Just drop the question here. You can drop, yeah, please drop any questions or clarifications that you may have in this webinar chat box here. I'll be happy to go through, what about gold? All right. Yeah. Okay. We'll cover gold as well. All right. Zainab will cover gold as well once we finish pound. All right. Okay. Okay. Back to where we are. Sorry on the pound. UK 100. All right. We'll try. Okay. Yes. I think, yeah. Okay. We can try to do UK 100 as well. There should be sufficient time. All right. Okay. So first support is here. Now, if you were to look at where the second major support for the pound is, we can see obviously here back in 25th of May, once again, price making a very significant swing low here and a bounce as well. So that's how we can identify the second support for the pound. All right. Hi Paul. Yes. I think if you go to Tick Mill's website, I mean the YouTube website and look for their past webinars, there have been webinars in the past that have covered how to use the Fibonacci retracement tools and the Fibonacci projection tools and identify how we can use them properly. Right? Okay. So do go over to the YouTube page for Tick Mill and I believe the past webinars on Fibonacci series should be updated. All right. Okay. Odisica has a question. Can we buy Euro-USD now? Well, yes. Potentially, we do see the Euro going higher. Okay. There's two things you can do because price is after going climbing as high as 1.0678. It is now has just consolidated around 1.0670. So there's two things you can do. One is potentially you could wait for the Euro to pull back a little bit more, maybe come down to 1.0650 before putting a buy position on and then the stop loss, you can identify it either about 20 pips underneath the first major pullback support or if you want something with a little bit wider range or more buffer, then you would select it somewhere close to where the second support is. But generally, depending on your risk reward ratio as a percentage and also as an absolute term in terms of dollar value and pips, probably putting it about 15 to 20 pips below where the first major support has been identified would probably be a more prudent level to set the stop loss. So yes, you can look to buy the Euro. Should it pull back a little bit more to 1.0650 or you could potentially buy it at market now as well. So depending on your risk reward ratio and where you set your stop loss anywhere between 1.0640 to 1.0650 would probably be a decent entry for the Euro. All right, then let's quickly round up with the pound. Let's find the key resistance areas. Okay, we're going to use the Fibonacci retracement tool starting with this swing high here on 30th of August ending with a swing low here today, 18th of September. We'll pull up all the pips. Right, we can see this level at 1.2458 where the 23.6% Fibonacci retracement level lies. You can see price making a very finding support at this level on 7th of September, 8th of September, 12th of September and 13th of September as well. So this was a very strong pullback support level for the pound and then of course now that price is broken through. This previous pullback support level is actually going to act as a major resistance level. So that's how we identify the first major resistance for the pound. If we zoom up a bit, do we see any nice overlaps? No, not really. So that's fine. So let's just keep it, use the 23.6% to help us guide where the first resistance level should be. With regards to the second resistance level, if I look here in between the 38 and 50% retracement levels, we can see price making another overlap level as well. We can see price finding support here on 5th of September then it broke through. Then as an approach back to 1.2537 invited the resistance again and it proceeded to drop lower. So that's how we've identified the second resistance level which lies I guess a little bit close to where the 50% Fibonacci retracement is. So we'll clean up the retracement levels and we just keep 23 and 50%. So this is the chart for the pound for our timeframe and these other immediate support and resistance levels. Is euro or long term buy? Probably not because we can see it's still in a strong bearish channel. The ECB has actually signaled that last week's interest rate was probably the last one that they're doing and it does appear that the Federal Reserve is still more overly hawkish than the ECB. So what that means is we are likely to see the euro continuing to fall. Of course, no instrument or currency pair is going to fall in a straight line or rise in a straight line. It's going to be retracements or pullbacks along the way. So for the first half of this week, at least I feel it does look like the euro is going to hit higher first and then once we have the FOMC meeting and if Chairman General Powell is hawkish, we could see price reverse and then drop lower. So in terms of a long term buy, though I do not think the euro is a long term buy. All right, Patricia, I hope that helps your question because we can see price is still clearly trading in a bearish channel. We don't see any strong bullish movement, at least on the higher time frames. Now, okay, we're going back to the US dollar. Paul has a question. Yeah, you know, that's true. They could keep rates on hold, right? It is forecasted that if you look at forwards factory, the rates are going to be held steady at 5.5 percent. That could definitely have a bearish reaction for the dollar index. But the key thing to look out for following the, sorry, it was here, federal funds rates, they're going to keep it on hold. What is going to be key is the press conference that follows the statement released. If Chairman Powell comes out to be even mildly hawkish here during the press conference, despite interest rates being kept on hold, we could still see demand for the US dollar pick up. So don't take note of how the press conference could impact the dollar as well. All right, so going back to Pound, okay, so this is how we can conclude on the Pound. Also, this is Euro, this is how we can conclude on the Pound. And then we had a request for Goal as well. So let's just quickly cover Goal and UK 100. Right, so Goal will be XAU USD. Right, so Goal, as you can see, has also made a pretty significant swing low bounce here, swing high here, and then another swing low here. So by looking at major swings, we can identify the resistance and support levels as well. So, right, so Goal is currently trading around 1,926. So we can see that also price also has made like a swing, sort of like a swing high resistance here back on 8th of September, as well as 11th September. So this level here does signal as a potential resistance area. So I would identify this as the first major resistance for Goal. Right, you can see clearly here price failed to break out of, break above 1,929 back in mid-September or early September. And then again, at the end of last week and today as well, price has failed to break above this level once more. So when you see price action like it's such as this, this is a strong, pretty strong pullback resistance level and that is why I've identified this as the first resistance. Now, with regards to the second resistance, you can see price making the swing high here on 1st of September. So I think that's more than sufficient to identify the second resistance level. Now, in terms of a major support, if you see where my cursor is now, you can see this is a pretty decent pullback support level, price bounce of this level here on 25th of August and as well as on 14th September. So this is at 1,903. So in terms of a major support level, this would be this pullback level here is what I would identify as the first support. Now, we can also use a Fibonacci retracement tool starting from the swing low on 14th of September, ending with the swing high on 18th of September. Let's pull up all the fibs. Do we see any levels as well? Any other intermediates or levels? Okay, if you look at where the 50% Fibonacci retracement level lies, I do see another pullback level as well. So we can see here, if I were just to write, okay, I'll just take the wick of the candle. So we can see this level here at 1,914, price making a significant swing bounce here on 29th of August and then finding support above this level on 6th September as well. And it also happens to line up quite well with the 50% Fibonacci retracement level. Okay, so now that I've looked at this much more clearly, I would now actually identify 1,914 as the first major support for our goal, and then I'll use 1,903 as the second support level. Right, so do take note, these are the main key support levels for goal. What about to the upside? Let's see. Okay, I can also maybe let's see if I do a Fibonacci retracement here. Right, we can also see price is very broken above 51. We'll just keep 61%. Right, okay, so we can see that the first resistance lies slightly under where the 61.8% Fibonacci retracement level lies as well. So I think these are the key levels for goal on the four-hour timeframe. All right, and with dollar index potentially pulling back, right, goal and dollar index or the US dollar has a negative correlation. So that means when the dollar index is falling, gold prices should be rising. Right, so we could see gold continuing to rise today, but do take note that 1,929 is indeed a pretty significant pullback resistance for gold. All right, we just have time for, I believe, UK 100. Right, okay, we'll go into UK 100. Right, okay, I generally don't trade the UK indices, but we can still perform the analysis here. So what I like to do is with instruments that I'm not so familiar with, just look at it on a daily timeframe at least to get some perspective on where it is trading. Right, so we can see since mid-August, the UK 100 has rarely pretty strongly and we do see it running into resistance at about 7,700. Right, so we can see back in end of July, price making a very significant swing high here. Right, so this swing here is now once again acting as a resistance for price. All right, hi Paul, I think I did mention that do go over to TickMill, TickMill's YouTube website, the past webinars on the Fibonacci series should be uploaded there. Do keep a lookout for any upcoming webinars that would cover Fibonacci master classes and yeah, do sign up for those. All right, okay, so we can see price making a significant swing high here back in the end of July where price is currently running as well. Oh wait, sorry, I think I did answer your question. Sorry, okay, apologies for that Paul, I think yeah, yeah, sorry. I thought it was a new question, my bad apologies. I thought it was a new question, but it's not okay. Yeah, okay, sorry. Okay, back to UK 100, what we identified as a major significant swing high resistance here is coming into play once more. Right, so I think it's pretty clear where the first major resistance for the UK 100 lies. Second resistance, if I want to look, I'm still on the daily time frame. Okay, maybe I just set this as first resistance, we can also use the Fibonacci retracement starting from the swing low here, 18 august going up to the swing high here, let's pull up all the fibs and try and see if any of the Fibonacci levels line up with, okay, we can see this level here where the 23.6% retracement lies, right, we can see price making a pretty decent swing high here back in, back on 10th of August and this swing high here also lines up quite well with the 23.6% Fibonacci retracement level, so I think we can use this to help us identify the first support level on the daily time frame. All right, okay, so let's just do that and we'll keep 23.6%. Now let's just zoom it onto the four hour time frame to find levels that perhaps a little bit more closer and more actionable as well. Okay, so let's go on to four hour time frame. Right, okay, so okay, first resistor, first support here, right, so if you look on the four hour time frame we can actually see price running at the resistance on 19th of July and then finding support on 24th July, 26th July and then once again resistance on 10th of August, so you can see multiple instances where price has reacted of this level, so and it also lines up, happens to line up well with the 23.6% Fibonacci retracement levels and that's how we've identified the first support. All right, all right, thanks for joining Paul. Yeah, do head over to Dick Mill's website, YouTube page and do look out and search for the past webinars on Fibonacci series. Okay, with regards to the second support, I'll let you see here. Okay, we can also do a Fibonacci retracement on this part of the move here, 6th September to 15th September, this is on the four hour time frame, pull up all the frames. All right, where we see the 61.8% Fibonacci retracement level lies, there is a pretty decent pullback level as well, overlap we see price running into resistance on 30th of August as well as 4th September and then finding support on 13th of September, so I would use this level here, probably just here somewhere is not the cleanest level, right, but I think we can use this level together with the 61.8% retracement level to help us identify the second support for the UK 100, right, the second major support level for the UK 100 is at 7500, first support is at 7,627. Now, what about to the upside, where can we find the second resistance level? We can also use a Fibonacci extension level as well, let's see going here, let's pull up the extension levels 127,161. All right, in this case, we can see that the 127% extension level lines up quite well with where we had identified the swing high resistance and the 161% projection level lies here, which also could help us identify like we see price running into resistance here back on in April that proceeded to drop lower, so I would identify this as a potential resistance zone for UK 100 with regards to the second resistance, all right, okay, okay, so this is okay just to recap, we are on a four-hour time frame for the UK 100, price has run into resistance last week, which was the, I guess a pullback resistance back in July as well, so this do take note that these are the more actionable levels for resistance and support for the UK 100, all right, okay, I've come to the end of this webinar, I'm just going to launch a pull, would truly appreciate if you guys can read this webinar and also before we end, do take note, we have four key central banks announcing their respective interest rate decisions, so it's definitely going to be a volatile week for markets, it does seem like it's pretty quiet thus far, but yeah as once the Federal Reserve kicks things off with their FOMC statement released, it's going to be a pretty volatile end to the trading week, not only for currencies, but even perhaps for gold as well as the indices as well, all right, okay, all right, thanks everyone for tuning in, hope this has been a great session for all of you and I'll catch you guys in the next webinar, thank you.