 Hi everyone, welcome to today's webinar brought to you by TickMill, where we'll be going through having the live training session today. I just want to make sure all of you can see my screen. You should be looking at the opening slide, which indicates live training session. And just want to make sure you guys can hear me loud and clear as well. Do take note, we've got the chat box open as well. Do not hesitate to drop any questions at any point during this webinar. All right. Let me see. Right. Okay. All right. All right. Thanks Paul. Great. All right. Okay, we're good to go then. All right. Okay, let's just start things off. Okay, as usual. Please take note that the material that's provided here is purely for information purposes only and should not be considered as investment advice. The views, information or 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, also do take note of the high risk warning that comes with trading CFDs, they're complex instruments and come with a high risk of losing money rapidly due to leverage. All right. Okay. My name is Keter. I'm an analyst here at Everest fortune group. So this webinar series is brought to you the special partnership between tick mill and Everest fortune group where we have been the finalist for best effects and equity research for the following years 2019 2020 and 2021. All right. Okay. So before we dive into the charts and feeding you will just take a look at some of the key economic events that are coming up this week. This could potentially drive certain currencies over the course of the week right. Okay, so there's quite a it's quite actually it's quite a heavy calendar this week. Sorry, apologies. It's quite a heavy calendar this week. We've got various data from various countries and continents coming up this week. We've got inflation data out of New Zealand. We've also got the October's RBA meeting minutes coming up. We've got labor data from the UK Canadian inflation data US retail sales UK inflation data, Australia employment report and UK retail sales as well. These are just some of the key highlights or key economic events that are coming up this week. So, in general, inflation has been picking up across most developed economies after retreating for most parts of the last 10 to 12 months. So a hotter CPI reading on 16 October. Right. This could potentially function as a bullish catalyst for the Kiwi. Similarly, we'll have the RBA meeting minutes being released, which will give us further insights into the decision making process by the RBA and the outlook on monetary policy as well as the economic conditions. So, if this minutes turn out to be neutral, then it could act as a bearish catalyst for the Aussie dollar. Otherwise, if the tone of the minutes are hawkish then, of course, this would potentially act as a bullish catalyst for the Aussie dollar. We also have UK labor data coming up. So a robust and employment figures would show that the labor market is still strong in the UK. And it's quite likely that that that would cause the Bank of England to at least maintain rates elevated. Right. They may not increase the cash rate again, but it's quite likely they would hold it higher for longer should the labor market continue to show resilience. Then, of course, we also have Canadian inflation data coming up. That's also increased or rather accelerated on an annualized basis over the past two months. So another hot reading could potentially provide boost for the Canadian dollar. That means dollar cat could likely to fall, could fall on this date as well. And we have UK US retail sales UK CPI. Similarly, inflation in the UK as well remains elevated. Another hot reading could provide another boost for the pound and your Australia's labor force report on the employment report and UK retail sales. All right. Okay. So with that, let's just quickly take a look at our factory. Okay. No, let's just dive straight into the charts. All right. Okay. So do take note. That you can view, you can go to Forex factory and view the economic calendar where you can get the exact date and time of the release of each of this individual economic data points. But these are not the only ones I've just highlighted about the more important ones to watch out for this week, but there's also a few more others that have been lined up right so it's quite a heavy calendar for this week. All right. Okay. So with that, let's go into the charts. Okay. So I'm on the daily timeframe for the dollar index. Right. So as you've seen, since mid July, the dollar index has been in a strong bullish uptrend. And if we look actually on the weekly timeframe, okay, not including this week, but the past 13 weeks, we have seen 12 strong weeks of gains for the dollar index are 13. So since 17 July to last week, there have been 13 weeks out of which we've seen 12 weeks of strong gains for the dollar index. This has been due to a combination of inflationary pressures increasing in the US as well as demand for safe human assets such as the US dollar over the past 10 days are so driven primarily by the geopolitical tensions and risk in the Middle East. Right, specifically Israel coming up with a conflict on going there. Right. So we've had various fundamental data and catalyst as well to spur this strong bullish trend for the dollar index. Right. Okay. So with that, we'll now switch back to the daily timeframe and then we'll try and analyze the dollar index. Identify the key support and resistance levels for the dollar index on a daily timeframe and then we'll zoom it out to the fall of a timeframe. All right. Okay. So as we can see, of course, price making the swing high here. On the third of October, we can see price making. Where's my brush. Here we go. So you can see price making pretty significant swing high here last week, which is also another level where price ran into a little bit of resistance as well at the end of November of 2022. Right. So we can see a couple of instances where prices run into resistance around 107.15. So that's how we're going to identify the first resistance level for the US dollar or the dollar index on the daily timeframe. Right. So what we're looking for is strong overlap or pullback levels where prices run into resistance. And similarly here, if you look at 21st of November, price running into resistance around 107.83. And if we go back towards August, as far back as August and September of 2022, we see price finding support around this level as well. So this level here at 107.97 does look like a pretty significant overlap support or overlap level, which could function as the next resistance level for the dollar index. Right. Okay. So just to recap, first resistance is at 107.19. Second resistance 107.99. Right. As I mentioned by the significance of the overlap levels as well. Right. To the support side, we can also use a Fibonacci retracement to identify some of the support levels. Right. So we'll start the retracement from this swing low here on 14 of July. Going up to the swing high here on 3rd of October. Right. So we can see quite nicely where the 33.6% Fibonacci retracement level lies. We see price running into resistance at about 105.50 back in mid-September, 14 September. And then we can argue on 29 September, it found support just above this level before proceeding to make that high in October. And then once again, it found strong support last week as well. So we see a very strong case for a significant overlap level here. And if I go back to March of this year, we see dollar index making a very significant swing high resistance as well. So this level was previously acting as a resistance before price broke above it, which now is going to potentially act as a major support level for the dollar index. And that's how we've identified the first support level for dollar index. And that's what we're going to do here. And again, actually, I can probably just extend it as far back as here as well. 6th January price running into resistance here and then getting rejected. So you can see a couple, we have two instances. 6th January as well as on 8th of March where the dollar index ran into resistance and retreated away from this level. So this acted as a strong pullback resistance level in the past. But once price broke above it, it's now going to function as a strong overlap support now, right? We see resistance here, here, and of course here on 15 September and then support on a couple of occasions, between September and 11th and 12th of October. So that's how we've identified the first support level for the dollar index, which also aligns very well with the 23.6% Fibonacci retracement. Alright, okay. Then moving on to the second support, right? Okay, we can see price making another significant swing high here back in early June. And you can see that price ran into resistance at this level, which is at about 104 38 and running into resistance here at the end of August before eventually breaking higher. And once it broke above it, it found support here on 11th and 12th of September. So you can see multiple instances where price has reacted off this level, right? And this level here, this overlap level here also lines up very well or aligns very well with the 38.2% Fibonacci retracement. Right, so that's how we've identified the second support level for the dollar index. Right, okay. With that, then we'll just tidy up the chart. As you can see, 23 and 38 are the retracement levels that we shall use for now. So let's just keep 23 and 38. Right, if you can just zoom in a little bit. Okay. Right, so these are the significant resistance and support levels to look out for for the dollar index on the daily timeframe. All right, let's quickly zoom in on to the four hour timeframe and see where the other, perhaps more actionable levels could lie. All right, I think as of now, probably all right, we see this level here. Right, okay, I'm just going to zoom in a little bit so this is a bit more clearer. Right, okay, we do see this level at 106.24, potentially functioning as an intermediate support level for the dollar index. Why do I say it? Because we see price running into resistance here, a little bit of resistance here on 10th of October. And after that, what's price broke above it. We did find support above this level on Friday the 13th before bouncing higher. So should price continue to pull back this morning in general, we can see, or rather today, the dollar index gap lower on Friday or rather on Friday, it closed at about this 106.70. Right, and then it opened in gap lower to open at about 106.55 roughly and but it's proceeded to retreat for most parts of today. Right, so should the dollar index continue to slide lower, but actually it could find a little bit of support around this intermediate support level which we identified as an overlap support. Let's see if there's any Fibonacci retracement that perhaps lined up with this level. Alright, we can see that the 38% retracement level aligns just above where I had identified the intermediate support level. Okay, so for the four hour time frame, I would also identify this swing height that took place on Friday the 13th has an intermediate resistance level, right, for the dollar index. Right, I think with regards to the first resistance, second resistance and first support and second support, I think that's fine. The levels that we've identified on the daily timeframe, it's still pretty fine for the four hour time frame, but we just add in the intermediate resistance and support levels, the intermediate support at 106.24 and intermediate resistance at 106.78 right to identify more actionable levels that with regards to where price is currently trading. Alright, okay, so with that, we'll move on to the euro. Right, similarly, if you look on the daily timeframe as expected, right, with since mid July of course with the dollar index, gaining significant strength over time. So obviously, naturally, the euro is going to be falling over this period as well, which is what we are seeing on the charts here. Right, okay, so, right, I think first of all, we can perhaps try to identify if there's a bearish channel, right, we can see price trending lower over the last 13 weeks. We can see if there is indeed perhaps a bearish channel for the euro, I think that's quite likely, yes, we do see a very strong case for a bearish channel, of course. Right, we can see a couple of times where price has tested the upper trend line of this channel, as well as the lower trend line. Right, so we can see clearly price has been respecting this bearish channel for the better part of the last 12 or 13 weeks. Right, okay, so now that we've identified the bearish channel on the daily timeframe for the euro, let's try and identify some of the support levels as well. Right, we can see last week or not last week, about two weeks ago on 3rd and 4th of October, the euro finding support around 1.0460. Right, we can see that this level here does seem to be a pretty significant support level with price bounce finding support here on 6th of December of last year as well as running into a little bit of resistance in mid November and end of November as well. So one was previously resistance then switched into a support level, which then again functioned as a support again back on the 3rd and 4th of October. Right, so I think for the first support level for the euro would be around 1.0463. So that's how we've identified the first support level for the euro. Right, with regards to the second support level on the daily timeframe, we do see price making a small pullback here, finding a little bit of support here on 29th of November last year and then bouncing higher. So this level of 1.0319 would be how we would identify the second support level. Okay, right now let's look to the upside. We are the major levels as well. All right, okay, well naturally when you see price pushing against the upper trend line of the bear channel, right, this should indicate to us that this is potentially a resistance level as well, which is at about 1.0640. And if you slide across here, we can see price finding support around this level on 14th of September. We can see price making a very significant swing bounce here at the end of me as well. Right, we can see price making here a very significant swing bounce. So this was previously acting already as a very strong support level for the euro. Right, and then which it did offer support again on the mid-September price, which raised a little higher before eventually falling below it. But then again, but then after that it functioned as a resistance level, right? You can see how this level at 1.0635 originally functioned as a pullback support here or a swing low resistance, swing low support here at the start of June. And then offered a little bit of support as well in mid-September before price finally gave way. And then it functioned as an overlap resistance level on 12th of October. So that's how we've identified the first resistance level for the euro. All right, what about the second resistance level? I think we can use Fibonacci retracement as well. Right, we'll start this retracement from the swing high here on 18th of July down to the swing low here on 4th of October. We can see that the trend line is capturing the price structure, the market structure very well. So when that happens, that usually indicates that you've drawn the Fibonacci retracement with the right starting and ending points. All right, so let's pull up all the fibs to see what we get. Oh, here we go, right? Okay, so we can also see that 23.6% Fibonacci retracement level aligned very well with the overlap resistance at 1.0635. And that gives us that X as a supporting factor to the significance of this level. We also see another decent overlap here on 25th of August price bouncing off 1.0770 on 25th of August and then finding resistance on 12th and 13th of September as well. We can see a pretty decent overlap level here. So I think we can use that to help us identify the second resistance at 1.0765, which also aligns with the 38.2% Fibonacci retracement. Right, so that's the second resistance. Okay, so let's just tidy up the fibs. We'll keep 23 and 38. Right, let's see. I think perhaps we can also use a Fibonacci extension here. When we're trying to extension Fibonacci extension levels, levels are simply levels that are greater than 100%. We still use the Fibonacci retracement tool. Right, so in this case, we'll start from this swing low here on 31st of May, going up to the swing high on 18 July. The key extension levels are at 137 and 161%. The extension levels usually in this scenario would help us identify potential support areas. So what we're looking for is a market structure or price structure that looks like an inverse Nike Tic. Right, so we can see here in general price has made a pattern that resembles an inverse Nike Tic. We all know Nike Tic's the logo to be like this. Right, this is a Nike Tic scenario here. But in this price structure, we see an inverse of it. And that's when you can apply the Fibonacci extension levels to help us identify potential support areas. Right, so we can see that not only is the first support at 1.0463 identified as a significant overlap support level. It also aligns very well with the 127% Fibonacci extension level. And not only, yeah, okay. And if you look at where the 161% Fibonacci extension level lies, it also lines up very well with this pullback support here as well. So should the price continue to slide low for the euro right if it breaks through the first support and then also the second support where we can expect it to find a significant support would perhaps be at where the 161% Fibonacci extension level lies, which also lines up very well with this swing bounce here. That took place on 21st of November last year as we see price making a pretty decent swing bounce here on 21st of November. All right, so these are the levels for the euro on the daily timeframe. All right, let's zoom in onto the four hour timeframe to see if there are any other levels that we can identify to where price is currently trading. All right, okay, you can use a Fibonacci retracement here starting from this swing high on our 12th of October going down to the swing low on 30th of October. And let's pull up all the films. Right, we can see that my price has made this small pullback resistance on Friday the 13 lines up quite well with the 38.2% Fibonacci retracement so probably on the four hour timeframe. We can identify this level here at 1.0550 as an intermediate resistance as well. So let's keep 38.2% and we'll add in the intermediate resistance level here, which is at 1.0558. Okay, so we have an intermediate support on resistance level 1.0588. I think for the first support, it's fine. I guess you can also argue here, my price making a strong pullback here on 6th of October, price making a strong pullback at 6th of October, and it found support again on 30th of October as well. So this does look like a pretty decent support level as well. So we'll highlight these levels as intermediate support and resistance levels for the euro on the four hour timeframe. That was the resistance and support levels that were identified on the daily timeframe are applicable as well. Right, so do take note, this is what we are seeing for the euro. Right, so although the dollar index has been sliding lower for most parts of today, it does seem to have found support around 10640 for now. Let's see if it continues to climb higher or fall, but it does look like the dollar is pulling back for now and we could potentially see the resumption. Naturally that would cause the euro to climb higher. So do take note, this would be a pretty significant resistance zone for the euro where we see intermediate resistance and of course the area that's bounded underneath the upper trendline of the Barrage Channel. So this zone here between 10560 to about 10580 would probably be a potential resistance zone should price continue to rise higher. So we could see the euro retrace higher today before eventually reversing costs to resume the downturn. All right. Okay, so that's the euro. Let's go into the pound. I just want to let you guys know if you have any requests for any analysis on any of the commodities or crosses or the FX majors do let me know early so we can we actually have time to go through the analysis together. Right. Let's not wait till the end of the session for all your requests to come in. Because that simply we will not have time to go through it properly. All right, great. Okay, great to see everyone responding. Yes, for sure. We'll look at gold as well. And oil definitely. All right, great. Excellent. All right. Okay. We still have time so tell you what I will cover pound and then after pound will go into gold and oil as well. All right. Okay, great. So similarly, right, if you look on the daily timeframe for the pound as well. We do see the market structure very similar to the euro of course with dollar index rising so strongly over the last 12 months at 12 weeks. Right. Okay. So, right. Okay, let's see if there's a bullish trend channel here. Obviously on the upside we can see price pushing against this descending trend line. And I guess you can sort of argue that there is a sort of a bearish channel as well, right with price pushing against the upper trend line and the lower trend line of the bearish channel several times. And of course, just like in similar price action to the euro, right, we see a pretty strong support level of 1.0667, which also aligns quite well with this pullback that took place on 15 of March. So I think the first support level is pretty easy to identify for the power of the daily timeframe. Right. I think we can just use 1.2056 as the first support level. Right. Similarly for the second support level, you can see this swing load that took place on 6th and 7th of March. Right. That's what we'll use to identify the second support level. Right. We can see price making a very significant swing bounce here on 8th of March. Right. Okay. Similarly to the upside, we do see price running into resistance here. This is what we call a pullback resistance on 11th and 12th of October. And if you look across, we see it lines up very well with this swing load that took place in middle of May as well. Right. 25th or towards the end of May, 25th, 26th May price making a very strong significant bounce off this level. Right. So we have a very significant overlap level here. Right. This level previously this level at 1.2321. It acted as a very strong pullback support level or swing load support level here. It didn't offer any support at all on 21st of September as price came crashing down, but it did function as a resistance last week. So this is why we have a strong overlap level here. This signifies as a first resistance for the pound at 1.2321. This is just like how we drew the Fibonacci retracement for the Euro. We can also draw the Fibonacci retracement from this swing high here, 14th of July. Going down to the swing load on the 4th of October. Right. Let's pull up all the fibs. Just to see where they line up. All right. So we can see that 23.6% retracement level lined up very well with overlap resistance that we identified as well. So this functions as a contributing factor to the significance of this level. So we'll keep 23. We do see 38 and 50 as well lined up quite well. We can see price fighting a bit of pullback support here in early September at about 1.2460, which also lines up quite well with the 38.2% Fibonacci retracement. So that's where I would identify this second resistance level for the pound. And if you look a little bit higher up, we can see there's a very nice overlap level here as well. You can see price making once again, another significant bounce here. So creating a significant swing load here at around 1.2590, which also aligns very well with the 50% Fibonacci retracement. And similarly, we see price making another bounce here, but although a smaller one, right. So we do see multiple, a couple of times where price has bounced off this level, which should indicate that this could potentially function as a resistance level in the future should the pound approach 1.26. All right. Okay. So let's just tidy up the retracement levels will keep 23 and 38 for now. All right. Great. Okay. Next, let's just quickly go into the four hour time we've received is anything else we can identify. I think first resistance for support is fine. It's not very far from where price is currently trading. If anything, I would probably just highlight this pullback resistance level here at 38.2% right as an intermediate resistance level for price. Right. So 1.2213 is a level that I would identify as an intermediate resistance for the pound on the four hour time frame. As we see it making a pretty decent pullback resistance here. And it also aligns well with the 38.2% Fibonacci retracement. All right. Okay. With that, let's go into goal. And then we'll look at oil as well. All right. So just okay. So of course we'll start with the daily timeframe. Right. So as we can see in general, right, I'm sure most of you will be aware that the US dollar and gold prices have an inverse relationship or negative correlation. So what that means is if the value of the US dollars going up, gold prices are generally falling. And eventually if gold, the value of the US dollars dropping, this usually acts as a bullish catalyst for gold prices. Right. So since mid July, we can see a very strong rise in the value of the dollar index. So generally this should typically translate to lower gold prices over the same period. But as you can see, since mid July is here, we do see that trend playing out. Right. So when dollar index was going higher, gold prices have been falling. But since 9th of October, right, exactly last week, we're actually seeing gold prices and the dollar index trade pretty much in tandem, right, a little bit in tandem. So that negative correlation has broken down. So we're actually seeing a little bit of positive correlation between the value of the US dollar and gold prices. This is primarily caused by demand or flows into safe human assets. Right. So as you all know, the ongoing geopolitical risk and conflicts and tensions going on in the Middle East have created a strong demand for safe human assets. So what are the safe human assets? Typically, they are the US dollar, gold, of course, and also to a certain extent currency such as the Japanese yen and the Swiss franc. Well, let's just stick to the dollar index and gold prices for now. So that is why we are seeing a little bit of positive correlation between the value of the US dollar and gold prices for now. As the demand for safe, of the demand for these safe human assets have picked up quite significantly over the last five or six trading days. Right. Okay. So with that said, let's quickly do the analysis for gold. Okay. So once again, we're in a daily timeframe, perhaps, right. We can see here, even before doing any human actually retracement, we can already identify a very strong support level for gold prices, which is about 1810. Right. So we see price making a very significant swing here, finding strong support here on 2nd of March. Yeah, sorry, end of February, making very, finding strong support here, making a double bottom before making a significant bounce higher. Right. So we can already see a strong double bottom support here at roughly about 1812. And similarly, this level then again acted as a strong support level for gold for the third time. So naturally, this is a very strong support level for gold. Right. But that's it. Let's place the support level here. Right. I think because this is trading pretty far from where prices currently, this level sits pretty far from where prices currently trading. So I would like to identify this as the second support now. So the second support, which is a major pullback support level for gold is at 1810. Right. What about the first support level? Right. If you look here, back in 29 of June, as well as on 21st of August. Once again, we see price making a significant swing bounce here on 29th of June, and also another significant swing bounce here on 21st of August. Right. So this level here between 1906 and 1887 does did offer a strong support zone in the past. Naturally, that got broken here towards the end of September. So potentially this level here could act as a support level again. Right. It may not be as significant as what it offered the first two times because price broke through this original support level quite easily. Right. We see this level here breaking through with gold prices smashing through this level pretty easily on 27 of September. Right. So this somewhat, this move here somewhat diminishes the significance of this originally strong pullback level. But since there's no other level to reference, it's quite likely that this could function as the first support level for gold, which is at 1893. So let's just label this as the first support level and also rather than an absolute level and just highlighted as a zone. Of course, as you can see, the bottom, the wicks, the lower end of the wicks falling as low as 1883. Right. So I like to highlight it as a zone rather than an absolute level. All right. Great. Okay. Let's tidy up this as well. Right. So in terms of resistance, we can also see price making a pretty. Okay. All right. Hi, Johan and I hope I've pronounced your name correctly. Why not 1916. 1916. All right. Okay. That's where price is currently trading. Right. Okay. Perhaps that level could be something more applicable on the four hour time frame. So we'll look at that once we zoom in. But for now, on the daily timeframe, these are the more significant levels that I can identify for now. Okay. How long will this correlation break last? All right. This question by Jada as well. To be honest, I don't really know. It really depends on market sentiment right now. The sentiment is on the side of caution right when your political risks are remaining elevated. So demand for safe haven assets could continue to stay high for most parts of this week. If we do see the conflict, they de-escalate. Then that's when we can clearly see the positive correlation break down and then we should see the negative correlation resume. Right. So it's quite difficult to tell when it's actually going to revert back to normal. Negative correlation, but we'll see for now. But yeah, as of now it does seem that the dollar index right has been pulling back today as we speak. Not as much as gold prices, but yeah, the positive correlation does seem to remain for now. All right. Okay. Okay. If we look at resistance, we see price making a significant swing high resistance here. All right. Okay. I think maybe I'll get to see. Okay. Maybe I see what you're pointing out. And maybe this is something that we can identify on the four hour time frame. So just give me a little bit of time while I identify the first resistance and second resistance on the daily time frame. And then we'll zoom it into the four hour time frame where we're quite likely to find other levels that are closer to where price is currently trading. Okay. So we do see price making a swing high resistance here, 31st of August. Another swing high resistance here, 20th of September. So this level here or this zone here around 1,030 all the way to about 1950 does look like a pretty significant resistance zone for gold. Right. So in terms of first resistance, we can probably set this level here. Right. And as I mentioned, probably identified it as a zone rather than an absolute resistance level. Right. And similarly, the second resistance level for gold prices would be the swing high here that took place on 19 of July, which is about 1978. Right. What else is there? Can we see? Okay. Is it worth drawing a Fibonacci retracement here? Okay. It may not be the best retracement. Right. As we see the trend line. All right. It's sort of right in the middle of a price is trading. Right. We started this resistor retracement from this swing high here on 4th of May, down to the swing low 6th of October. Probably not the best, but let's see what we get right. Okay. So we do see 50% Fibonacci retracement level lined up quite close to where the first resistance is at 61. Okay. I think we can still keep 50 and 61 to help us to add as secondary factors contributing factors to the significance of these levels. Okay. Right. With price pulling back now, we can also do a Fibonacci retracement from this swing low here, 6th of October, going up to the swing on 13th of October. Let's pull up all the fibs. We can also see the 38.2% lined up quite well with where the first support was originally identified. So we'll keep 38.2% here as well. All right. Okay. So this is these other levels, key support and resistance levels for goal on the daily timeframe. Right. Let's move on to the four hour timeframe and see and identify any other levels. Right. Okay. Let's see since we have this year. Okay. Let's add in the 23 as well. Maybe perhaps we can use 23 and 38. All right. Okay. On the four hour timeframe, actually I would use this level here at 1904 rather than 1916. Right. Why is that the case? Because we can see price making a pretty significant bounce here back on 25th of August and of course another significant bounce here back on 14th of September. And this level here right forms a nice pullback level and 1903 or 1904, which lines up very well with the 23.6% Fibonacci retracement. So instead of 1916, I would actually probably more, I'm more inclined to use 1903 as a pullback support. Okay. So this is how I highlight this as an intermediate support level for price. I can see. Yeah, I can see why you would also use 1915. Right. I think I think it also, I can also see why you would use 1916. Yeah, it is also a pretty decent. Let's zoom it a little bit here. Right. It is also a pretty decent overlap. Right. We can see. Okay. Let me just get rid of this annotations. We can see my price bouncing off this level retracing just a little bit higher and then once price broke underneath it finding a little bit of resistance and then of course making this finding strong support here as well. Right. So I do see a case as well. Why you could potentially use 1915, 1916 but because price has broken through this level quite strongly here today. This is why at least for me, I'm more inclined to use 1903 as a more closer support level for goal. Alright, so let's just tidy this up. Yeah, I know I can see the reason I can see the reason or justification for trying to use for using 1915 as well. And just because of this price action here, we've seen price break through quite easily again for the second time right the first time it happened was here 26 of September and we do see it again. Yeah, for me, at least I would use it. I would use 1903 together with the 23.6% Fibonacci retracement. All right. Anything else perhaps and you can try to identify. Remember we were talking about Fibonacci extension levels right. In this case we do see a potential case for Nike Tick movement or Nike Tick price structure here right we can see price, forming a swing high here on 21st of September, coming down as low, coming down to this swing low here on 6th of October, and has proceeded to bounce quite strongly. Until this morning right until today. So if price does bounce off or stays above 1900, we could see push higher. And let's see if that if any of the extension levels right remember we identified 127 and 161 as key extension levels, whether they line up with any of the they line up with the second resistance or close to the second resistance. Alright, so let's do that. Okay, so we'll start this retracement from this swing high here 21st of September, down to the swing low on 6th of October. We'll use the hundred twenty seven hundred sixty one properties extension levels extension levels in this scenario or with this type of my market structure are going to help us identify potential resistance levels remember previously for the pound. We use the extension levels to help us identify support levels, but in this case where you have a market structure that could potentially resemble a Nike Tick. We are going to use the extension levels to help us identify resistance areas. Right, so as you can see hundred sixty one is simply too high will just keep hundred twenty seven. Right, so we can see that we have a case of Fibonacci confluence. Okay, so what do we mean by Fibonacci Confluence and that means that just simply means there's more than one Fibonacci level at that particular price point or that particular price zone. It could be a case of two Fibonacci retracement or retracement and projection like what we have in this case so we have a sixty one point eight percent Fibonacci retracement as well as a hundred and twenty seven percent Fibonacci extension. They don't align very well with each other but you can see that there is a potential for a zone a relatively strong resistance zone between which is bounded by the Fibonacci retracement and Fibonacci extension level. And we can also see the second resistance there on the daily time frame at nineteen seventy eight. Right, okay, so this is these are the levels for or goal and of course with price making the swing higher here, I would actually use nineteen thirty two as an intermediate resistance level as well. All right. Okay. Oh, sorry. There's a couple of questions. All right. How do I find the USDX symbols and MT4? All right. Okay. All right, Emmanuel. I think for this. If I'm not mistaken, you just type DXY. It should be under. It's quite likely that instrument is going to be tracking a futures contract. Right. So it should be a DXY under MT4. Right. Okay. Hi. Sorry. Sorry. Don't pronounce your name correctly. Okay. Good. Good one. Miss last week's webinar first. All right. Okay. Yeah. For Tick Milk, do head on over to their YouTube page, right? Where all past webinars will be uploaded so you'll definitely see the Wycov strategy, the webinar for the Wycov strategy being uploaded. Should be it should be already uploaded on to Tick Milk's YouTube page. If not, it should be uploaded very shortly. And of course with today's live training session as well, it will be uploaded in due time as well. All right. Okay. Right. Okay. So, right. Okay. So these are the levels that you should take note of for for goal on the for our time frame. All right. Okay. Then we had oil. Right. Okay. So let's quickly move on to oil. Right. Okay. Once again, we joke political tensions in the Middle East. This could impact crude prices as well because there's fear of disruption to production capabilities. There's fear of logistics as well shipping oil in and out of that region. Potentially you could have a situation where so far no critical oil infrastructure. Sites have been hit. So that means production is still production capabilities are still up and running. What is not so clear yet perhaps is maybe the shipping lanes around that region. Hopefully for now it still stays open. But we do see after oil search last gap open last week, right? WTI oil gap about 3% last week on Monday. We can clearly see that this gap has been closed. Right. We look on the daily timeframe. Yeah, you can see that this gap was clearly closed on 12th of October. And it's proceeded to bounce higher towards on especially on Friday. Right. I think crude prices in general gained well over 5% on Friday. Okay. I see. All right. Okay. Because for us all right it depends on whether you're buying a standard lot or micro lot right so if you're buying a standard lot one pip or in this case one cent is usually 10 US dollars right so if you see price going from $36 to $37 for a standard lot this should usually indicate one pip or one point rather one point would indicate $10 if it's a standard lot if it's a micro lot that one point would indicate $1. All right. So that's why it would be so it really depends on which type of contract right are using a standard contract or standard lot size are using a micro lot. Right so typically for oil one point for a standard lot would equate to 10 US dollars. And if you're on the micro lot. What is it MIDI MIDI I first said if it's on the MIDI sorry if it's on MIDI one point would equal to one US dollar. All right. Okay. So, right. Okay. Okay, we're the daily timeframe for oil right so we can see since end of June oil prices have had a strong rally up most for most parts of this run this was primarily caused by led by Saudi Arabia and OPEC and OPEC plus extending the production cuts so when you have major players major production players extending production cuts that means there's potentially less supply coming into the market with demand being relatively stable this could push oil prices higher which is what we saw for most parts of July all the way till in the end of September. Okay so that's what has primarily led the rise of crude prices. Basically it was OPEC led by Saudi Arabia extending the production cuts. It was also peak summer travel during the US as well where generally we have higher demand for crude prices or for gasoline. Of course so if you need more gasoline with people traveling around peak summer period. So actually you need crude oil as well right. That is why we've seen this relatively strong bullish trend in WTI oil up till 28 of September right okay so with that we can use a Fibonacci retracement right we'll start this retracement from this swing low here on 28 of June, going up to the swing higher on 28 of September let's pull up all the Fibs right okay so okay even before doing that I think let's zoom on a little bit I think the second resistance for oil on a daily time frame I think it's pretty clear you can see price running into resistance several times at around $92.60 So we see price making a very significant swing high here on 10th, 11th of October last year, another significant swing high here in early November as well and this is where price got running into resistance once more. As you can see in the past where $92.60 has acted as a strong pullback or multi swing high resistance, it does continue to function as a major or significant resistance level once more. Right, and because of the quick here we could probably I would like to identify the second resistance as a zone, rather than an absolute level. Okay now that we can also see this level here but at 23 okay 23.6% is no longer valid. Why is that the case because when price breaks through a retracement level like this at 23 and 38.7 these levels are no longer valid so that naturally we can't use them right so we'll get rid of that but we do see 50% and 61 they are going to be more useful to us in identifying the support level so let's keep 50 and 61 right but to identify the first resistance. I can see somewhat pretty decent overlap here right price running into resistance at 87.50 on 6 and 7 September. And then we can argue it found a little bit of support around this level or just above this level on 21st of September. 26 of September and again on 3rd of October right so we do see a case for pretty decent overlap level here, which is what I would like to identify as the first resistance for WTI WTI on the daily timeframe. Now for the second support first support and we do see price making a pretty significant swing here. There's any other levels and we do see price making finding strong support here, which aligns close to where the 50% female natural retracement level is and this is what I would where I would identify the first support for WTI oil. Similarly for the second support, we do see a nice overlap level that aligns close to where the 61.8% female natural retracement level lies right. We see price making running into a little bit of resistance here on 14 of July, then once price broke above it finding strong support here on 23rd of August before bouncing higher. So we do see a case for a very significant overlap level at 77.38 which aligns very well with the 61.8% female natural retracement. Alright so these are the major support and resistance levels for WTI oil alright on the daily timeframe right so let's go into the fall our timeframe and see if there are any other levels that we can identify. Alright okay right I also see I guess a case for an intermediate support around this level here. What is that the case okay. We see price running into resistance here failing to break above 86 or 8550 right last week. And then today as of now is finding Spanish to find support above this levels mentioned remain above this levels we do see a pretty decent overlap level and if I were to stretch it as far back as over here right we can see that this overlap is pretty significant as well running into a little bit of resistance here in early September and finding double support on 6 September as well as on 8 September. And then running into resistance here last week and then potentially support here. So on the forward timeframe or identify 8521 as the intermediate support for WTI oil. Hi Webster yeah okay I see why you can call it as a zone as well right because you see the bottom of the wigs here. Right you see the bottom of the wigs and also because we have a 15% female natural retracement. Yeah you're absolutely right that this should be a zone rather than an absolute level as well because of where the 15% female natural retracement level lies and also because where the bottom of the wigs here extend to right so that's yeah you're absolutely right with that we can identify this as a zone rather than an absolute level. Okay what else let's see can we use a Fibonacci retracement here. Okay Hi Paul okay by zone we meet right. When we say absolute level like you see this green line here the first support. Right this first support level is just as 81.06 So this is what we mean by an absolute level when we highlight as a zone, you can see where the shaded green boxes so this level here is between 1852 by the 50% Fibonacci retracement level lies going up to where the first support level is so it's between 1852 and 8106 so that's what we mean by a zone right that's right and for zones we will usually highlighted as a shaded box in this case because it's a support we're going to use a green shaded box and if it's resistance here we're going to use a red shaded box and that's what we mean by zone. Alright okay let's see let's pull up all the flips for this retracement and think worthwhile yeah again you can see at a 23.6% Fibonacci retracement level lies right let me zoom it a little bit. You can see that this retracement level lies quite close to where the overlap support is so we do see a supporting case for this zone as a pretty decent support level or support zone sorry right. Okay anything else. Right on the first on the four hour time frame this first resistance doesn't look very great right we can see here on the daily time frame it looks a lot better but on the four hour time frame we can see that this doesn't look as clean the level isn't as clean okay but I think we can also use a Fibonacci retracement starting from this swing high here down to the swing low 6th of October let's see all the fibs right we can see at a 50 okay we do have the 50 here and the 61 here as well let's just keep 50 for now alright just like to highlight that on the daily time frame this level here the first resistance at 8751 does look much better and it's not so clear on the first on the four hour time frame but because I would use a daily time frame to take precedence over the four hour time frame and also we have the 50% Fibonacci retracement level lining up quite well with 8751 so that's why I'll keep the first resistance at 8751. Alright okay we've come towards the end of today's webinar right so just before we end I just like to launch a poll as well really appreciate it if you guys can give your feedback as well. And of course for all past webinars to head on over to Tick Meals YouTube page where all the past recordings will be up if they're not up they will be uploaded in due time by this week at some point this week. Alright okay thank you everyone for tuning in today. Do take note this is a pretty heavy economic calendar this week so you could have potentially have a lot of data that could trigger certain moves for currency markets and indices also currency markets and commodities as well right they could act as a potential bullish or bearish catalysts for for dollar index for pound the euro and so on and so forth. Alright okay with that alright thanks everyone for tuning in today hope this has been great. And yeah, I'll catch you do look out for all upcoming webinars by Tick Meals and do not forget to register and have a great trading week and I'll catch you in the next webinar. Alright thanks everyone take care and best of luck in your trading journey for this week.