 Good morning and welcome to the chair of the week video with me David Madden today's date is Thursday the 38th of July 2020 and the time has just gone 1140 British summertime on this week's chart of the week is the Australian dollar versus the US dollar If you take a look at the wider trend from late March Open to now we can see it's been a nice upper trend and in fact yesterday the Australian dollar US dollar Had its highest level since April 2019. So it's clearly in a strong and very much a bullish Upward trend. We're currently trading in around zero spot 7141 if you do look to press on higher from here, we could be looking at Targeting zero spot 72 and if you go beyond that We could be heading up towards zero spot 73 and keep in mind. We haven't seen that area Since early 2019. So keep an eye out for those levels to the upside should be the bullish trend continue But if you do see a move to the downside What work could we potentially? Encounter support we could potentially encounter support in around where this line is here Zero spot 70 31 or from there down to around zero spot 70 itself zero spot 70s, you know Big number so this band here around 30 pips is all here could act to support should we have a move to the downside? And even if you go below there support could be found from this blue line here the 50-day movie average We can see if you want to go Back in back in April the fifth of the movie average in Mental aid April acted nicely as both resistance and also a support and if a metric has been important in the past It makes it more likely it'll be of importance in the future, but obviously there are no guarantees And even if you go below the fifth of the movie average in a zero spot 69 22 This zone here around zero spot 68. We can see a few occasions In it in late May early into early June and active there's some consolidation in around that area So keep an eye out for that area as well Now if you are going to be trading any of the Australian dollar crosses Keep an eye out for what's going on in the in metals the Australian the Aussie dollar the Australian dollar often gets referred to as a commodity currency, you know, so it's the movement of the currency often gets gets dictated or moves in correlation with the movement of metal prices because of Australia is a large exporter of minerals so keep in mind that you know in the last couple of weeks part of the reason why the Aussie dollar has been strong Recently, we've seen copper prices at their highest level since April in April 2019 Only yesterday we hit very recently if you hit soft and I'm hit a five month high Not too long ago silver in its highest level since 2013 So metals are clearly strong. That's part of the reason why the Australian dollar has been very strong recently Also, if you are going to be trading the Australian dollar US dollar or any US dollar crosses keep in mind that today at 13 30 for the summertime We have the US advanced GDP reading for this for the second quarter. We also have The US jobless claims that's all from this video. Thank you for listening. Stay safe and good luck