 Hi and welcome to the CMC markets webinar with myself David Madden market analyst At CMC markets and today's date is Monday the 19th of June. The time is just gone 1215 now before we actually kick off with the actual webinar itself as always here at CMC We'll just be quickly running through at the risk warning slides And I will just go to them individually for yourself to ever be true And now that we've gotten the actual risk warning all the way I'm after seeing here from a comment from one of the clients that the there's no sound here at present any Can you hear me now has there been any changes to that whatsoever? So just to clarify before we kick off with the actual webinar itself Do we have any Complaints regarding the sound and the volume is everything all in order if you just please type in the box That would be that would be fantastic For those of you who are just joining us My name is David Madden. I'm a market analyst relatively new to the CMC team and Glad to be on board. So if you could just excellent. We're seeing here all yours back All is good now excellent Yes, so similar to Michael's seminar as Michael's webinar We will be discussing the main events over the weekend and also more importantly looking ahead to The trading week that lies in front of us So what we've seen today for the big kind of political news over the weekend Was the news out of France? That Emanuel Macron's party the I can't do the Manual Macron's party Got a majority in the assembly Wasn't as a as a larger majority as predicted, but nonetheless political stability in France certainly bodes well for the EU-wide stock market the French stock market itself a cac and also the single currency I mean I'll just quickly have a quick look at what's going on with the other French market We can just see how well the Macron effect has been on the actual trade trading session So looking at a very short-term basis, we can see here how we started off on the morning overnight the market jumped overnight as we can see here we A few hours into the trading week And we are still well just just an hour above the kind of psychological 5,300 level That the French market as a whole just a kind of a step back obviously we have seen some choppy trading in the in the in the global equity markets and European equity markets What we can spot here is that we did match to gap higher on the on the France on the France 40 the It's now sitting nicely on the 200 hour moving average which comes into play at 52 83 Gaps higher obviously is going to be a bullish indicator. It's it's solid political news from France And mr. Macron his party is actually got a a Majority in the French Parliament So given that we have seen some uncertainty in France and and and also the the wider Eurozone the pushing higher this more this morning on the market does seem to be getting a short-term boost Particularly about a wider term look at how the cat has performed much like a lot of the stocks in Europe And also around the world didn't exactly have the best May The month of May has seen a bit of a shake up We did have some uncertainty regarding the kind of Donald Trump inspired sell-off But we are seem to be regaining ground and particularly On today's trading session as we can see here that the French market has had quite a sense of run Initially the major joald higher was when that Macron did quite well in the first round the presidential elections Some people had a good questions over whether that was actually going to be replicated in the assembly elections Which we now know it has been has been done so today I'm just taking a closer look here the wider trend On the cat 40 has been clearly to the upside the gap here which is created back in in April Still intact even though we did test it only only at the back end of last of last week as you can see here The the the cat 40 is now hovering as it is above the 50-day moving average Which not only bodes well, but that 50-day moving average is not going to act as a level of support So should we see that the French market remain above that level of 52 73 That is going to be continued to be a Bullish that is going to do the outlook for the French market is going to continue to be bullish And then obviously upside targets are going to be the big psychological number of five thousand four hundred and then beyond that the May high of five thousand four hundred and seventy five and then and then it should be get to that level We're only a very short distance away from the five thousand five hundred level The the picture across Europe is actually quite quite similar as well So if you take a look at a German market, how's they performing? They've generally been largely kind of in step, but also But also the political news Political stability news out of France is also going to bode well for the German market, too similarly the The the German market is is also pointing higher as it's been trading higher over the last number of months since the back end of 2016 It's fair to say the German market has been actually more aggressive in its move to the upside and the move to the downside Hasn't been a severe. We're still comfortably above the 50-day moving average For the Germany 30 that the DAX Once again, we are testing the the highs of last week approaching the 13,000 level on the DAX The outlook does appear to be remain quite solid It is encouraging to see that the the selling level that we're seeing on the momentum downside is actually been has been Slowly tapering off. We've yet to see it swing around to the positive side But as we're seeing the mark as we're seeing the selling momentum decrease We are seeing prices push higher. So we could see a scenario whereby we could see the momentum flipped to the positive Just taking a look at it based on a shorter term shorter term shirt to get an idea of what kind of levels It could be looking at in the near term. We did see a jolt higher here this morning As what when the futures market opened? I haven't quite taken out the the highs of last week just yet But once again any sign of a kind of a pullback to go towards the 12,800 level could see additional buyers The kind of consolidation of the various different moving averages the 50 the 100 and the 200-day moving average Which is yes that there is a small bit of uncertainty in in the market and to be it's a be clear to fairly say But the wider trend clearly is to the upside So I think for the at least on judging from the chart and loan the outlook does appear to be fairly positive on that front Well, obviously now to turn our attention to see what's going on in in London We focus a lot on the Eurozone so far and now especially seeing as you had a lot of political uncertainty Other than the United Kingdom in the last number of weeks. We still have So official deal or earth or agreement struck between Theresa May's conservative party and the Democratic Union's party from Northern Ireland As you can see here the trend of the footsie with hundred is not too dissimilar to the trend We've seen in the Germany 30 and the France 40 as well. It does appear. It's been a fairly clear Upward move by the dip has been a popular theme They're gonna come a strategy We've seen for the footsie and the tax in the cat the last number of months and it would appear for the time being That that that that trend doesn't appear to be ever remaining in check It is worth noting that when we did have some some large sell-offs that the negative momentum was Increasing now that we're seeing momentum decreasing where we are seeing actually market at the the UK 100 push a bit higher once again, it'd be nice to see that to see that That negative momentum diminish and it has to be turned turned positive But it could be an early indicator of which way that the momentum is pointing So this level here to keep an eye out for on the footsie with hundred these seven thousand four hundred this large jolt We're seeing here the downside is the night of the actual general election This would this would have been the ten o'clock move that we witnessed when the exit polls indicated that the Tories were to be the largest party But they would not have a majority We tested it again and we held it and we traded true, but we didn't actually but we managed to get back above it again here At the back end of last week, so in the middle of last week seven thousand four hundred level Is it kind of a key level to have to watch our form on the UK 100 while we remain above that level? it is it is It is going to kind of point to the direction of a of a positive positive momentum for the footsie 100 We're also seeing a bit of consolidation in the in the moving averages here What's also going to set to a sign of a bit of indifference? What is going to just look like I can't really be ignored is we are seeing ever so slightly Lower highs and lower lows in the footsie 100 It's it's quite it's still holding up nicely because it's above the seven thousand four hundred mark But it would be nice to see the footsie get back above the seven thousand five hundred and Fifty a region then once we can take off that level then we can be more confident I'm going to head up back towards the six seven thousand six hundred obviously on the on the on the very political front The lack of a Tory Tory majority in Downing Street is obviously worried about where the financial markets on Wednesday, we're gonna have they have the Queen's speech and apparently with or without an agreement from the Democratic Unionist Party That's voted Theresa May is going to be going ahead with that in a night in either way As obviously going to be a big week for the political front today is the day one of the Brexit negotiations David Davis Brexit Secretary for the UK is over in Brussels and it's hoping to get a deal a historic deal None none of which where we have we have seen before This is obviously this is obviously going to something which is going to be a long and drawn-up process There's obviously going to be major questions to be asked on the initial stages of the Brexit talks Covering what's going to happen regarding EU citizens residing in the United Kingdom What's an obviously British citizens living in the remainder of the EU? What's going to happen regarding the so-called divorce bill? What kind of numbers are going to be thrown out regarding that and also the border on the island of Ireland is obviously going to be brought up As well between the public of Ireland and Northern Ireland on on that point The Democratic Unionist Party who it could be are likely to be having some sort of an agreement or pact with the Torrey party They're very much in favor of having an open border a continuation of the open border Fender of public of Ireland and Northern Ireland so any changes on the political landscape In the next number of days is obviously going to be a mate is going is going to be close You watch anything in any announcements in relation to Brexit or any announcements in relation to what's good? What's what's going to come out of the Queen's speech on Wednesday? now on top of that not only do we have a We have we have the Brexit talks and the Queen's speech coming up We also have a number of of big economic corporate story So I start economic indicators coming out of the UK And which I will quickly run through the big economic indicators of the week and then afterwards I will then look at the corporate stories of the week and then and then I'll take some questions And if it's any markets or anything what we comment on we can just have a look at that as we go along So we've covered the big economic news Events so far later on in the United States William Dudley of the Fed of reserve Is speaking at at one o'clock obviously last week's bit of a bit of a surprise from the Federal Reserve how they Lowered their inflation forecast for the United States for the year that my view is a way of John Yellen saying that I know inflation is low So what we're still pushing head with a tightening policy the move itself to increase interest rates by zero point two percent Has been what was widely priced in the markets for a number of weeks but the fact that she turned around and said we're also going to be looking at Winding down that the enormous size of the the number of assets they have on their balance sheet Government bonds mortgage back securities and so on and so forth Really just give an indication that despite the fact that some of the economic indicators out of the US hasn't been overly Impressive recently miss Yellen is going to push ahead and actually look to do Continue tightening the actual policy would have anything really just less less Let's the market know that That is what what what you're planning and doing? Obviously things could change. It's like I said, we saw some poor housing figures out of the United States On the Friday just gone at lunchtime It isn't going to be as kind of data driven as the as the moment But I was I was still recommend have a listening to Miss miss Yellen if she's saying that the United States is going to be heading in a direction of titan monetary policy That is something that is need to be listened out for so in just under half an hour's time We're going to have with them Dudley of the Fed reserve speaking At 1 o'clock London time overnight We from the also we have another update From from the up a Fed reserve member Charles Evans is speaking overnight. I just got midnight And mr. And mr. Evans is a member of the is a member of the Is a member of the Fed reserve FOM FOMC and He's been speaking I just got midnight tonight We also got the monetary policy minutes from the the Australian meeting The reserve Bank of Australia Well, also the big one to watch out for from the European point of view is going to be mark on these comments Tomorrow regarding it speaking of a week of surprises in central bank updates It was a bit of a shock to us all when three of the three Members of the Bank of England voted to actually high crates now to be fair person Forbes has been known was Has voted to high crates in the past and it was hardly a surprise that person Forbes wanted to high crates again But when we had two more members Joining miss miss Forbes in that it did really kind of she did really actually cash traders off curves And it gave a nice shot in the arm to to sterling That's going to be the probably the biggest economic indicator to watch out for From America and London from a UK perspective on Tuesday, and we just have a quick look at the Cable now and see and see what it's been doing over the morning So as we can see the the morning session the pound has pushed a higher versus US dollar It's given back a very small amount of its gains, but overall it could sit considering that There's a political uncertainty in the UK Brexit talks are beginning today I would say that that the pound has done fairly well Against the US dollar in the since Sunday Sunday's trading got underway As you can see here We are seeing that the about the pound versus the US dollar is above the 200 hour moving average Which comes into play at 1 2780 So and the momentum is to the upside in the in the currency pair which also bodes well for it But we also see here as well We're seeing it kind of a quite a sharp upturn in the 50 hour moving average So we could get us we could be looking at a scenario or by the 50 hour moving average would cross above The 200 moving average and that and that should we see that that would be a bullish indicator In terms of kind of levels to watch out for because we just take a look at the ad at the church On a wider basis. We can get a feel for what areas that we should be looking out for I'll just Scroll this out a bit further So over the last number of months, we can see that since basically throughout 2017 That the pound has broadly speaking been moving higher versus the US dollar The next big level to watch out to for on the power versus the dollar on the upside is going to be 12840 This level here. We've seen quite a bit of support That's going to be an area of now resistance now that the market is is heading up towards that So that is a level to keep out for keep an eye out for on on pound versus divas dollar as you can see here But the negative momentum Which can have dogs during the last number of months is actually seen certain to Wayne So we are it's this is exactly what want to be seeing when momentum when the negative momentum is twinkling We do want to see that the markets Having reflected that in the price as well So we can do more confident that the move we're seeing at the price is reflected in the underlying momentum, which it is So should we see the pound continues to be a higher versus US dollar? We could also see the momentum taper off as well. So We have lost some ground We've managed to held held held above the 100 day moving average at 126 12 So that being there to watch out for should we see a downside move in the pound But while we hold above the 100 day moving average, which it tried tried it, which it didn't quite get to you But it certainly give an attempt for In in last during last week While we hold above that I think we are going to have a positive outlook On the power versus divas dollar and like I said the next meeting ever to watch out for is 12840 Should we take out that the next time to watch out for then what would be the big psychological 130 level? We'll also just quickly turn our attention now to the the euro sterling seeing as we're keeping an eye on the What's going on with the British pound? So this year is the charity year of the of the euro versus the Sorry, the euro versus the pound over the last number of month on the last number weeks As you can see the euro being considerably gaining ground over on the single of single currency has been gaining ground over the pound in the last number of weeks Broadly speaking we have seen some fairly decent economic indicators out of the eurozone There has been talk that the ECB are going to have to get down the route of some of some monetary tightening Conversely, we've seen some not so overly impressive economic indicators out of the out of United Kingdom In the in that time in that in the time period So we are seeing an upward move in the euro versus of the pound I'm a very good mind that this year is the move that we witnessed last week when that when the Revealed that three of the three it was three versus five you voted to raise rates So that's that shock move here send the currency pair lower But it did still manage to hang on to the support level at 87 20 a level Which has been I've seen some consolidation in the last number of weeks The level to kind of can keep an eye out for on the on the currency pair at this moment Seeing as it's fairly clearly moving in an upward trend while we look at it on this time frame is obviously going to be 88 Surely move on past 88. We're then going to be looking at the high Heading towards 88 40 and then in the direction of 88 60 So the kind of buying the dip has been the kind of popular strategy for the euro versus the pound over the last number of weeks and that that is Judging by the outcome we're seeing the flow of the trend that has appeared so what was going to be a continuation If it is now turning our attention to the big economic indicators that are coming out On on on Wednesday because it seems that we've covered Tuesday's loss What one of the big economic indicators to watch out for Wednesday? Once again, we've member of the bank of England speaking and the Holland day is speaking at a 12 o'clock On Wednesday, sorry, I forgot the skipped over the public sector network numbers from the UK They're out of half nine. Mr. Holiday is giving his update at 12 o'clock At high noon All the things to watch out for during that that trading session are also going to be the US existing home sales numbers We're expecting a reading of five point five four million a slight drop down from five point five seven million, which we saw last We just saw them at the month previous bearing in mind that we had a quiescent We gave five poor housing data from the United States only on the Friday just gone So that would be something to keep an eye out for As we have every single Wednesday a half past three with the old imagery figures coming out We've yet to have a forecast on that but bearing in mind last week We did see a decline of one point seven million barrels of oil the The oil market itself has been very much in a downtrend for the last number for the last number of weeks since the back end of May May 2015 when we had that OPEC meeting in Vienna and the the on the oil exporting countries OPEC the the organization which which is By far and large the largest as a conglomerate major supplier of the world's oil They announced that there so they announced that they were going to actually extend their production cost until March 2018 and then after that was actually confirmed Because it was previously leaked. We did see a major sell-off in the price of oil and to be fair It hasn't really recovered since If we just take a look at this chart here This is the move here on the 25th of May last year It's been very much clearly in a downward trend and kind of thing It's actually shown to kind of textbook examples of the down of a downward trend We're creating lower lows and we're seeing lower highs and some instances here whenever we do see a pullback Actually the pullback actually ties in nicely with the previous support level So we could see easy see a continuation of the trend that we've actually been accomplishing for the for the for oil for the last number of weeks Looking at it even on a wider scale. We can see that since March It's it's even clearer the lower lows and the lower highs that we're seeing For for all of us are currently looking at brain crude I'll flip over to at WTI in a second But nonetheless the actual the actual charts for the two look very very similar As you can see here last week the 50-day moving average crossed below the 200-day moving average That is a bearish indicator So not only are we seeing a series of lower prices, but even it's not been reflected in the moving average So the next level to watch out for with a downside on Brent oil is going to be forty six dollars and thirty five cents Then below that the big ever to watch out for will be the will be the low that we saw in November over forty three dollars and Thirteen cents now. I'll just take a look at it on a Near-term chart to get any ideas for if you see any rallies In the price of all what levels could we could we expect to rally back towards? So we're seeing a lot of consolidation and we've seen a lot of Price action and that you all support here in the region the old support here in the region of 46 of 48 80 that is that obviously Active as resistance here and then push the market lower So we could be looking we could be running into resistance in the near term here The 200 hour moving average is is at forty seven eighty seven that coincides here with some support From the back end of last week. So we're approaching that level now and obviously We've seen a fairly cure pattern of the market selling off creating a new low Rallying back when you see that a short covering or a bit of bargain hunting Pushing the price back up again, and then only actually to actually turn over on itself again So we could see if we do see any more more of a rally in the price of Brent crude in the up to around 4880 or $49 a barrel that could be an area which we could see some resistance coming into play before we have the next move lower I'll just flip over now to the WTI WTI chart it's in terms of actual that the price pattern it has been very similar for the two markets For the last number of weeks you take a look at the big picture It's almost it's very similar position from the end of March We started creating a lower low lower high and yet again all the way up and down textbook examples of What a lower about a declining trend looks like? For the time bit for the time being we're currently trading in around this just shy of 45 dollars a barrel But the level to watch out for is going to be the male low of 43 56 and should be dropped below that level the level to watch out for under that is going to be the November low of 42 15 and now if we just take a look at it on an hourly chart We'll just give you an idea of how much how well on WTI The sell-offs have actually been more severe than they have actually on Brent has been much more volatile than last number of weeks This here is a the figure dating back to to last Wednesday's all of entries and then and it would appear that is the Wednesday before that so we have seen some big sell-offs on the days of And we have seen some big sell-offs and big volatility On the days of the old figures so this figures this number of this week's numbers should be closely kept an eye on Once again, the name of the game for effort the for WTI for the last few weeks in terms of popular trading strategies Has been to kind of sell into rallies So the two hundred hour moving average comes into play at 45 dollars and 60 cents That area also coincides with what has been a bit of a support region for what in the market has sold off after the major sell-off In early June couldn't quite get above it. So should we see your rallies up in direction of around? 45 dollars and 60 cents up to 46 dollars That's where we could be looking at a scenario of an array of supporting into resistance and actually pushing lower again Turning our attention back to the economic calendar What else to watch out for during the week and the conscious of the time here that we've been talking for for for half an hour as it is already Turning our attention over to what's what we can look at on Thursday. We have UK CPI industry CP sorry CPI Industry older expectations affecting reading seven versus the previous reading of nine That's obviously gonna have an impact on sterling for anyone's trading the power versus the US dollar and he and he's starting crosses You need to keep an eye on that Obviously we as every single Thursday we have US jobless claims Resetting actually a rising jobless claims two hundred thirty seven thousand two two hundred and forty one thousand So it's like taking higher in the jobless claims numbers Also, what's going to be in play and I currently pair that I found interesting the last number of months is the Is the is the US dollar versus Canadian dollar and the core retail sales and retail sales out of Canada at half one on Thursday I was obviously it's going to be something because it's going to play a big factor into that We also got some HHP and HPI numbers out of the United States coming out there This is going to be a combination of basically of looking at Home home price numbers out of the United States at Two o'clock on the on the Thursday coming up 7 p.m. On Thursday night, we have Crescent Forbes of the Bank of England speaking Like I said, Miss Forbes have voted has been voting for Interest rate hikes from the from the Bank of England at the last number of meetings Miss Forbes is a duty to finish up her time at the Bank of England this month So maybe the financial markets won't be kind of having a pick Probably as much stock in her opinion as we as the one state All to keep an eye out for what's going on during the week is the manufacturing numbers out of Germany and and and and France He had the first thing on Friday morning These are these are combination of both manufacturing and service numbers from Germany and France Then later on the morning. We have the actual eurozone wide numbers What we've often been seeing the last number of weeks has been a slight divergence Between the northern European economies and the southern European economies are for a bit of a change It's actually been some of the southern European economies have been slightly slightly better economic indicators than that of the more Northern entry traditionally more powerful and rich eurozone countries I would keep an eye on what was what was going on in Germany because let's face it Germany has a disproportionate large say in what's going on in the in the eurozone and I would be kind of taking the ECB Cues from what is going on more so in the German economy and the French economy Later on on Thursday Thursday, sorry Friday lunchtime we have the Canadian CPI numbers coming out and that is probably it in terms of what's coming out of Canada for the week and then later on towards the back end of the Friday trading session We're going to have service service numbers out from the US I'm also going to have new home sales out from the US and like I said, keep me night Keep keep me keep in mind that we did see some disappointing numbers from the United States last week in terms of actual housing housing figures I'll have a quick look at the Canadian dollar because we've got quite a few bits and pieces of Canadian and also some United American data coming up this week Also the Canadian dollar as you're just talking about oil is your classic currency is your classic currency commodity That as the price of oil gets lower and lower. We could see additional pressure being put on to the Canadian dollar So take a look here at the church This year is a this year is the US dollar versus Canadian dollar and this is how it's been fairing over the last number of months Well, a lot of volatility that we've seen the may high was quickly Quickly sold off because we are seniors also hearing some more hawkish commentary out of the bank of the Reserve Bank of Central Bank in Canada's Canada. So we are seeing a pushing lower in the dollar versus the Canadian dollar as we can see here last week the The dollar drop versus you a Canadian dollar Pushed below and it's remained below the 200 day moving average. This is the first time we've seen that in a while This is obviously a credit kind of it's quite a major indicator of which way that the market is heading Should we continue to push on further south in that currency pair? The next level to watch out for to the downside is going to be heading towards 131 and then below that again The big psychological 130 it's itself If you just take a look at the currency pair On a kind of more short term basis once again, it's just to show you kind of a classic example Since may over that five or six weeks just steadily pushing lower and any rallies have been sold into If we do see another rally it may provide an opportunity to get short and the rallies could be we could see a rally back up to To 130 level and the 134 level these would be the regions if you were looking to If you are if you are already short The Canadian dollar these are the regions you should be keeping an eye out for where we could move to We've already traded below 132 as it is so immediately heading that back towards 131 60 is obviously going to be the initial downside target and then pushing towards 131 and then 130 itself We've discussed a lot of the economic Data coming out during the week. We also have a we also have a number of You also have a number of companies reporting during the week as well So on our website here under the news and analysis if you can find the weekly earnings update Which which which Mike posted last week? To be honest today is a fairly quiet day and it's been really honest. It's a relatively quiet week But I'll quickly get everyone through some of the highlights tomorrow. We have both FedEx and Adobe systems out of the United States Other highlights for the rest of the week We also have Berkeley Group is a home builder based in the UK Oracle tech company base In the United States are posting their figures on Wednesday and on Thursday We got Barnes and Noble from the United States probably probably the biggest one to the work mentioned on on Thursday From the US. I was at a quick look at the charts of what was going on in these stocks here. So bring up now Adobe systems Just scrolling down here. I was looking at it earlier on so I definitely do have it on the watch list It's some somewhere along the lines Adobe systems here it is So on Tuesday what we can we're expecting the second Second quarter figures out of Adobe and if you take a look at the at the really long-term chart We look at it on a multi basis. We can see that we're actually just absolute sky rock This is your price has this absolutely skyrocketed Like many stocks in that sector. It has the upward move has been quite quite frankly parabolic And it is a bit worrying that we're seeing this bullish. So bearish rather bearish engulfing here So it's a big a big downside candle here Which is something that should be certainly to be mindful about as we can see The upward momentum is declining as well. So we can see that it's both are pointing in the same same direction to the downside The share price Traded below the 50-day moving average Last week, but it's done managed to get back above it And we're now just about hovering on the 50-day moving average While we hold above that level, which is in the 100 and 36 dollars and 14 cents But we'll above the 50-day moving average the outlook will continue to to remain positive But seeing as that seeing as that that large red candle we saw on the on the weekly chart This is going to be appear on the daily chart is a kind of classic bearish engulfing It is something to be worried about If we do see a pullback in the stock, we could be looking at pulling back towards 130 dollars a share or 123 dollars and 55 cents that being said the wider big term picture is so much older to the outside We have to get this yet to see how this plays out whether as this scope There's going to be a fairly sizable correction or whether this is actually the beginning of a major As you will reverse it or not that's it to be seen should we trade below what well below 130 upon 120 355 That's something actually their levels to keep an eye out for One of the big companies to talk about during the week from from the from the United Kingdom is the home builder Berkeley group Berkeley group are the kind of higher-end all of our home builders in the UK Their share price took a bit of a knock It's fair to say after the general election results came out and that reason may have lost her conservative majority But if you take a look at the share price in the in the last number in the last number of month In the last number of weeks and months it has been very much the upside hasn't gotten there in there to the 2016 highs So far, but it is pushing higher So the current the share prices is currently kind of trapped in between the 50-day moving average and the 100-day moving average We've managed to hang on to the 100-day moving average as acting in support at just over 31 pounds it 31 pounds per share I hope we can hang on to that level. Y'all like a slogan remain It's going to remain bullish, and we'll be looking for the upside targets of 34 pounds a share should be dropped back below the 100-day moving average the next step of the watch up below that it's going to be the Psychological 30 pounds per share. It's a big number of psychological level and on top of that It was also where the gap was created after a joint hire back in March In terms of any kind of questions or comments you have I covered the kind of economic and the corporate highlights of the week So if you did anything that I haven't covered and you want me to kind of pass comment on Just if you just put it in the chat box, and I would happily do so. Oh, thank you very much. You're very welcome great insight Thank you all compliments. They're always a rose welcome to you Pound versus the yes the British pound versus the New Zealand dollar Just give me one second now, please I just scroll down now Well, well if you take a look at the big picture here on the pound versus the New Zealand dollar Since the back end of 2015 Coming up in two years coming up in two years now and this year The week which began the 23rd of August 2015. That was actually the day We had a black Monday the major major sell-off in the Chinese equity mark Chinese mark equity markets based on what happened in China overnight Since then we've had effectively been being a fairly clear downward trend for the pound versus the New Zealand dollar It's been very much a Trendy market to the south side and if you just take a look at here on any wider term basis We have managed to kind of pull off pull off the absolute lows. It has managed to take out Has managed to make up make up for some of the last ground But the fact that it's once again this is this point here I think one mighty region it couldn't be capped could suggest that we could be seeing another move lower We could be heading back towards the 170 level I'm looking at it on a four-hour basis here This is the kind of a classic textbook example of a market that is trending to the south side I were creating lower lows lower highs and as you go along in some instances here After market prints in the low when it pushes back up It often runs into the old support the new resistance Which is actually ideal if you're looking for kind of a classic to short shorting strategy We didn't The last couple of the last couple of sessions The market has been to an extent kind of in a way trend trading sideways here We haven't actually created any new lows But at the same time the market has yet to kind of take out any further Take out any of the old highs to suggest that we're actually going to be moving to the north anytime soon. I Would say the outlook for this for this currency pair is very much to this to the downside In terms of the typical strategy will be wait for a market to get a push higher and then love to actually sell it into strength If we push push take off this level here Which comes into play at one seventy seven sixty six the next between one seventy seven sixty six and this level here The one seventy nine region this could be an area should be push higher put up Could be an opportunity we could see some resistance because we have a fairly decent form here of the market moving lower Pulling back some of them some of the losses then running into resistance and then creating a new low So judging what we've seen here on this chart for going on two years and particularly this for our chart here maps it off Very clearly. I think moves to the downside Probably more move to the downside is what we could see from the pound of versus the New Zealand dollar Now that we've covered stern, you're very welcome Now they've covered sterling Kiwi. Are there any other questions or comments you want you'd like to make? Or any kind of markets you would like me to have a look at Apologies, I did manage to run over time by about 15 minutes. So I am I am sorry, but gold was mentioned And gold is certain certainly an interesting one given what was that what has happened with the actual The Federal Reserve in the last number of week in the last week or so So gold has sold off here big in a picture of gold is That it did manage to break above The there is the other the kind of doctors the the trend resistance Trend I resistant coming into play here, but that didn't last very long enough did it At the moment gold is looking a bit kind of a mixed dish to be perfectly honest The big picture we're saying that we're heading south, but the move since late, you know Since late 2016 has been kind of pushing more and more to do the upside whether that is going to be a a Whether the movement from here to here is actually just a kind of correction of the wider The wider sell-off that we've witnessed since that's the summer of 2016 or whether it's this action is going to be Going to take out this trend line resistance and actually then go on and target the highs of 2016 has it to be really played out I would if you're looking at it from this point of view, you know That I say six months it's been fairly clear that gold has been has been pushing higher But it's still couldn't get it get above that level here and even when it did Temporarily go through the trend line resistance. It only ever so slightly took out the high here of the April April high here it got it got it as to a high of 95 dollars 58 set 1295 58 cents and here got 1296 17 So ever so slightly took it out before but returned it returned again I'll take a look at it on a four-hour church What I think regarding the price of gold is that it's obviously going to be very sensitive of what goes on in the very sensitive what goes on With the Fed of Reserve like I said the economic indicators in the United States haven't been overly impressive But the Fed of Reserve stated they are going to push ahead with the planning of pushing headed the tightening now That obviously may change for the same time I don't think you can actually just completely outright ignore what what Janet Yellen said last week But the trend in that for that I say six to seven months has been clearly to the upside So how'd you how'd you been buying at the market was supposed to have some decent retracement? You would have done quite well if we do see a move on gold I would like to see it to kind of move out of this I would like to see it move out of this Area this is the two kind of trend lines that has been kind of trapped it in between Should we see any kind of further moves lower and gold? We could see buying coming to play in around kind of two-day moving average 1240 or the or where the Trend line support comes to the play at around 12 25. So yeah 12 25 So we could see buying should be pulled back in here to the upside To the upside you then we look at the targets of in the direction of $1,300 a share Take a look at it on a shorter term basis Also seeing as we're back in below The friend right friend line resistance which is coming to play since since the back end of last year We could also drive us back down towards this area made the lower support line at 12 24 Once again, if we do move below back below 12 24 the next level to watch out for what will be the may low of 1215 and they were talking that heading that down towards 1200 to be honest with you From the charting point of view, I think that the gold is is is pointing towards the upside for the same time I'm also a bit concerned about what Janet Yellen said about how she's pressing head with tightening It seems that Miss Yellen is kind of fairly It's fairly hawkish regardless of the economic data and if I think you keep talking about tightening the price of gold It's probably going to continue to be under pressure Is ready other markets you would like me to have a look at or any kind of comments I can be I can pass on anything. Oh, you're very welcome. Thank you very much right seeing as I'm Seeing as it's now it's five past one and we've had no further comments regarding actually Additional markets to talk about I will just wrap up the webinar now Thank you very much for joining myself. My name is David Madden market analyst at the CMC markets I hope you enjoyed the week the the webinar Please tune in next week next Monday and today was today's webinar for Monday the 19th. Thank you very much