Market Preview 6th-10th June 2020

Good morning, everyone. I believe you can hear me now. So if you can hear me, let me quickly get our yes so that we can start review this week. Let me quickly get our yes, yes, yes, yes so that we'll be able to start. Okay, so I've gotten a yes from Mr. Praise. Mr. Birunke, Mr. Jerry, then Mr. Mba. That's pretty good. So we kick off at this time from forexfactory.com. So let's, um, quickly check through the major economic data that we'll be working with for this week. Uh, there are basic things I will be sharing with us before we commence the economic data expected for this week, because if you look at the general sentiment around the world at this time, is pretty a very tight one between the bears and the bulls. The bulls are currently supported by rebounding economic data, possibility of a vaccine which could really get the economy back on its feet in a very short period of time. And then the bears also is not just taking it lightly with the bulls, as we are looking at the economy might really take a bit longer than previously predicted by the IMF, the World Bank. And DBS are also looking at it that some sectors may not even recover, that there will still be some scars in some sectors even after the whole recovery process is completed. Because they are citing closures of business in some states like California, Texas, as well as Florida. And if you look at the spike generally in COVID-19 cases in the United States, that has actually dampened optimism in the market. But looking at the job data released on Thursday, so the job data still pretty, was pretty good for the United States, and that in a way is still releasing some optimism into the market. So the market at this time is really a struggle between the bears and the bulls. Looking at the fundamentals, because there are a lot of things that are struggling with direction for most of the instruments. Looking at the market for this week, the Asian session opened on a very bullish note because their stock reached a 4-month peak because investors are gradually believing that there's a lot of recovery in the Chinese economy. So that's believe is expected to really drive through this week as we are looking at several economic data that we're planning to also trade for this week. So let's start with today. So today by 3 PM, we'll be expecting— let me quickly check. Okay, that's good. So today by 3 PM, we'll be expecting the ISM Non-Manufacturing PMI from the United States. This will be the first economic data we'll be working with for this week. And looking at the forecast for this data, it's predicted that it will be at 50.0, and anything above 50.0 is seen as an expansion. So if this data comes out above 50, then the optimism towards economic recovery will further receive a boost. But if not, even if it's slightly lower than this 50.0, you'll still be seeing as a bit of a contraction because it's still not up to 50%, because the economy generally in the last few months has been contracting. You can see that from the The data that was released in May came out as 41.8, the one in June 45.4. Although we could notice some improvements in this data, but it is still far short of 50, which is not really good enough. Because I'm getting some people said they can't hear me. Okay, so I think we can all hear me now. Okay, so that's good. So as I was saying that we kick off the day with ISM Non-Manufacturing PMI for the United States. So looking at the previous 2 months before today, we had the one released for the month of May coming out at 41.8, even though it was better than forecast, but it is still lower than 50. And 50, anything above 50 is seen as an expansion and anything below 50 as a contraction. So the economy has actually been going through a period of contraction in the last few months. So we're expecting a data closer to 50 this time around, and then maybe from next month you should be having data above 50. For this month, something around 50 would actually set a good precedent for the following month as we go on in this year. So the next data for today will be from Canada, and that will be the BOC Business Outlook Survey. Let me see if you have any message. Yes, that means you are getting me. This particular survey is predictive in nature. So one can actually use this one to forecast into the future because it is an outlook survey, so it is predictive. Any data coming out on this survey today, you can use it to have an insight into the Canadian economy as we plan to trade the loonie for this week. So for tomorrow, which is on Tuesday, we'll be starting with the monetary policy meetings of the Reserve Bank of Australia. So they will be concluding their meeting in the early hours of tomorrow. If you are looking at the expectations towards the meeting, it is expected to be a cautious one. Why? Because there is a recent spike of the case of coronavirus in the country, and then the job data that came out last month from Australia was not also very impressive. But there are still some good signs for economy because the PMI for last month was pretty good. And then we can also look at the recovery from China because Australia is a major trading partner of China. So a recovery in China will also have an effect on the Australian economy. So that makes it a very, very dicey one for the cash rates tomorrow, even though we are not expecting either a reduction or an increase in interest rate or their cash rates tomorrow. To the rate statement, So that rate statement will give us more insights as to the plan of the Reserve Bank of Australia, as well as their own outlook to the economy. So by 5:30 AM tomorrow, we should be on the lookout for the cash rate as well as the RBA rate statement, even though we are not expecting that a rate hike or a rate cut. But we should pay attention to the rate statement. So Wednesday there is going to be a tentative EU economic forecast. Towards the end of last month, German Chancellor Angela Merkel hosted French President Emmanuel Macron, where they were able to urge the European Union to reach an agreement before the end of this month to help the recovery of its own economy. Earlier in the year, that was around, I think, 2 months ago, the European Central Bank proposed a €750 million pandemic bond for the European Union, but there was a lot of disagreements between leaders of the Union, and that has not really allowed that plan to come to fruition. So this forecast that we're expecting, although it's still a tentative one for Wednesday, so that should take into account the plans by the European Union to either make an agreement on this pandemic plan, or maybe they are still— maybe they will still not come into agreement. So this forecast will give us an outlook to European economy. Let's see if the economy has actually been able to fully recover from the impact from coronavirus, or the rate of recovery up to date on the coronavirus. We'll be able to get that tentatively on Wednesday. So the time is not yet fixed, but it should be before 3:30 PM if it's going to be released on Wednesday. For oil traders, 3:30 PM on Wednesday will also be a very good time for us to trade oil. The general recovery in the economy has actually been a very good one for oil. We have seen oil currently trading around $43. which is a pretty good one for countries like Nigeria, Canada, um, and some other oil-producing nations like that. And for those that have been trading USD/CAD, you would have also noticed the surge in the movements, um, to the, um, downside on USD/CAD due to the surge in prices of oil in recent weeks. So for Wednesday, we should also be expecting um, a data that will also impact movement on oil. So although we do have a forecast as at this time, but towards that Wednesday there should be a forecast and then an actual that would show to us the number of barrels of crude oils that are currently held in inventory by commercial firms. So if the actual is lower than forecast, then it will also lead to a further buy for oil. Then on Thursday, we also have— I will be starting by 2 AM here, that's from New Zealand. We have ANZ Business Confidence, then we have the Eurogroup meetings, an all-day meeting, as well as unemployment claims. Unemployment claims. If you look at the unemployment claims in the last 3 weeks, we'll see that there has been a decline in the number of individuals who have been filing for jobless insurance for the first time in the United States, even though the numbers have been lower than— has been higher than the forecast, which is not good enough. But we are still expecting a further decline this week. And then hopefully this time around, the actual will be lower than the forecast, unlike what we have been having in the last 3 releases of the unemployment claims data from the United States. With job data from Canada as well as the PPI from the United States, we're expecting employment change as well as unemployment rates from Canada by 1:30 PM. Unemployment rates in some of these countries usually fall within the range of 4, 5, 6% before coronavirus, for coronavirus. But at this time, we're having something in the region of 12.5% as a forecast. So if unemployment rate in Canada could come out lower than this 12.5% that has been predicted, then it will give further strength to the loonie and Still make the USD/CAD trade more bearish, as well as the employment change. Positive employment change coupled with lower than predicted unemployment rates will be a very good one for the Canadian dollar. And then there are the PPI, core PPI, as well as the PPI. Out of these 2 data, you should pay more attention to the core PPI. month by month because it's less volatile compared to the PPI. Okay, so with this now, that means we can move to the charts and then look out for trading opportunity. At least we have an idea as to what we're expecting on the fundamental front for this week. We have an outlook for the week. Then let's go to the charts and then pick out trading opportunities For this week. Okay, so we'll start the trading opportunity analysis with EUR/USD. So looking at EUR/USD for this week, we should be more bullish on EUR/USD for this week. Looking at the optimism towards the agreement on the pandemic fund of the European Union, if that agreement will come into terms as early as possible, then we'll see more bullish move on EUR/USD. But overall, we should still be looking at taking advantage of the bullish move that is expected on this instrument for this week. So in as much as EUR/USD is able to trade above this current week resistance on the 4-hour timeframe, so we should be looking at an entry point around 1.13166 for a buy on EUR/USD, and then we should target this price level for this week on EUR/USD. And then our stop loss should be below this verified support around this price level. So we have our entry points around this price level, 1.13166, with our take profits, um, before this untested resistance, and then our stop loss at this point for EUR/USD this week. Okay, so the next stop will be USD/JPY. So looking at USD/JPY on the 4-hour timeframe, we'd see that this candle successfully broke out of this weak resistance, but it was a false breakout as the succeeding candles fell back into the channel. Even though I'm more bullish on USD/JPY for this week, but I wouldn't want us to place a direct buy. We should be looking at having, uh, a buy limit around this price level. So we should have our buy limits around this price level, which means that I'm still expecting USD/JPY to trade bearish to around this price level. That's around 107.360. 0. So from that price level, then we can have a buy and have our take profits before this untested resistance. And we'll be having a very tight stop loss because our stop loss will be slightly below the recent low on this instrument, which is just at 107.272. So we have a buy around this price level, 107.366, and then we have our stop loss around this price level, 107.266. Take profits at this price level. So this is a very good trade for us in as much as USD/JPY is able to trade bearish to that price level stated. Should have taken profits at that point because what I'm actually looking at is that USD/JPY is trying to, um, gather some momentum from this support level once it's able to trade towards that region. Okay, so this is USD/JPY or AUD/USD at this time. Yeah, we're done with USD/JPY. So the Australian dollar, which is— you'll see has actually been surging Against the greenback in recent week. I'm still expecting that surge to continue for this week, even though it's currently around a verified resistance. So what you just need to do at this time is to wait for reaction around this resistance. In as much as this candle is able to close above the resistance and then close above this last bullish candle, then should have a buy trade and have a take profit before the next resistance, which is. Around this price level for this week with our stop loss below this low, our recent low on AUD/USD on the 4-hour time frame. So we have our buy around this price level, we have a take profit at this price level, and then we have a stop loss below this low because if there's a turnaround on this instrument, then it's better for us to be cut out as early as possible can continue to ride a bearish trend. Yeah, so for USD/JPY also, because USD/JPY is trying to retest the recent high on the instrument, which is around price level 27630, even even though currently is around 26065. The current recovery in the economy globally is actually a very good one for the index, as well as the plan that was put in place by the Federal Reserve in the U.S. That has actually been a very good one and has been helping. the stocks, especially US30. So I'm still very much bullish on US30 for this week. We can even enter a buy at this time and then my first take profit at this price level. And then finally, because I'm expecting a retest at recent high on this instrument overall in the coming weeks, even though it might not get there this week, but in the coming weeks should retest that high. Very, very soon. So I'm still very much bullish on US thirty. So you buy on US thirty. But let's just. So you can buy now on US thirty and then have a take profit at any point before that resistance. So will be will be very fine. Looking at this, this is expected to even continue to push. We have an AMA here. We have. Very strong bullish candle. Then this other one also closing higher. This current one is just, um, a slight retracement on the instrument because everything still points northward on US30. So we can make a lot of money being bullish on US30 for this week. Okay, so USD/CAD, this is an instrument that is somehow dependent on oil due to the presence of the Canadian dollar, which is the loonie. Canada's major trade partner, which is the United States, the major product Canada supplies to the United States is oil. And with the recent recovery in the prices of oil, we expect the loonie to continue to gain strength against its neighbor, which is the greenback. So I'm still very much bearish on USD/CAD, even though at this time USD/CAD is trading around a strong force, which is a weak resistance around this price level. That's 1.34940. So I would want us to wait for reaction around that support, even though I'm still very much bearish. But let's be on the very safe side. Let's watch for reaction around that support. If USD/CAD is able to push below that support today, then we can have our sell trade with our take profit before this verified support. That's the next support on the daily time frame. But, and then our stop loss will be very tight. We can even have our stop loss at This current price level because we're expecting it to push lower below this support, which means we have our trade somewhere around this price level with our take profit around this price level, and then our stop loss can even be at this current price. Okay, so we'll move to gold. Gold is a safe haven metal. And then gold had an all-time high around the month of— which month is this? Around the month of September in the year 2011. So gold is trying to retest that recent high on the monthly time frame, but we need to move to lower time frame for us to be able to pick entry points. So gold still remains bullish looking at the sentiment of reclosure of some economies, some businesses, um, in Australia, some states in the US. So that reclosure is still giving some bullish momentum to gold, even though we have to buy gold cautiously because at any point there can be a turnaround on this instrument. But I'm still bullish on gold for this week, even though we have to trade gold cautiously. So this resistance has actually proved to be a strong one on this instrument, which is around this price level, 1789.22. Um, anyone who can, uh, place a buy now can still have a buy and have a take profit before this untested resistance. But if you would want to be on a very much safe side, so I want us to wait and see the reaction around this resistance this time around. The last time the reaction was not so good on the bullish note for the instruments because we had this bearish force that pushed the commodity down. So we are expecting a retest on this resistance, which means you can buy gold at this time and then have your take profit before this resistance. Or you can wait for the reaction around this resistance, and then based on the reaction, you'll be able to place your trade. Uh, for those of us that were able to enter the buy on US30 when I mentioned it, at least on my own trade now I'm making some money. So if you're able to do the same, you should be in some money. At this time, okay. So for oil this week, I'm still very much bullish on oil. We just need to wait for this instrument to close bullish today. It closing bullish today will signal a more bullish week for us, which means we should still be looking at some bullish move on oil because the economy, even though there are some reclosures. The economy is gradually opening. Demand for oil is surging. Chinese data is pretty good. And China is the highest consumer of crude oil at this time. So if data from China is surging, it means the economy in that particular country is really recovering at a very fast pace. And with that, that means the huge demand for more oil. And with more airports around the world opening up, with, um, more companies also opening up, which means there will be more and more demand for oil in as much as the closure is not total in most of the countries that are closing some sectors in their country. In as much as that doesn't happen, you should still be very much bullish on oil. Once oil close bullish today, then should Have a buy trade on oil and have us take profits in the region of. Okay, so once oil is able to close bullish today, that means it's able to close above this untested resistance on the four hours time frame. And we should be having our take profits before this resistance before forty five. We should be targeting $45 as a take profit on oil for this week. So I'm expecting oil to trade as high as $45 this week in as much as it's able to overcome this untested resistance on the 4 hours, which is around price level 43.74. Once it's able to trade above 43.74 today, we should Be more concerned about the close of oil today. Once oil is able to close above $43.74 today, then you should buy oil for this week with a target around $45. We have some questions. Let me quickly check. How can I incorporate with an investor? Um, okay, let me quickly drop a link for us to Download resistance and support. Okay, so for those requesting for, uh, the link to download the support and resistance indicator, so I'm going to drop the link for us now so that we can all download, then add to our MT4. So it's going to really help us to pick out some of these points that I'm highlighting. To us. But in as much as you're able to take those price levels, even if you don't have the support and resistance indicator, you will still be able to have a very good trade and then still make some money off the instruments that we'll be picking out. Okay, so the next one will be USD/CHF, and if you observe USD/CHF is having some similar formation just like USD/CAD. So what we would be looking out for is reaction around the support level also on USD/CHF. So in as much as USD/CHF is able to trade below this verified support on this daily chart, and then the coast will be clear for a sell trade. So we can have our sell around the low of this candle, which is around this price level, then have a take profit before this proven resistance around this price level will also be a fine one on USD/CHF for this week. For GBP/USD, we got a bearish signal on this candle on the daily charts, and then instrument trade bearish for a couple of days up until around this region. So at this time, we should be looking at Because the Brexit sentiment is still in force on this instrument, which means at any time you can have a turnaround on this pair at any point. So I'm still tending towards the bulls much more than the bears on this instrument for this week. What will determine the type of trade we place is reaction around this verified resistance on this 4-hour timeframe. verified resistance is around this price level. So we need to take note of this price level, which means at this time, if you want to still make some money on GU, you can still buy up to around that region, then wait for reaction around that region to know the next trade to place. Will it be a sell off that region? Because the region is not just a weak zone, because Because looking at it, even in recent time, we had some reactions around that region here. So in recent time, this will be the third time when this instrument is able to get to around this price region. So to be the third time in recent time that the instrument is trading around that price level, so you need to be very cautious, um, trading once it gets to, um, that price level. But I'm still bullish at this time on GU. Up till around that price level. If someone is asking that what trading platform is this, this is still the MT4. It's a RallyTrade MT4. You could see from here RallyTrade MetaTrader. So it's still the MT4, just that I try to enlarge the trade panel. It's basically still the MT4. Okay, so this is EUR/GBP. So for pounds against the fiber, I'm also bullish on this instrument. So we should be having a take profit around this price level, even though we got a bearish signal also on this instrument with this formation. But at this time, it seems the bulls are gradually taking charge of this market. So owing to that fact, that means I will also be bullish on this instrument, having a target around this price level on this instrument for this week. That means a retest on that Resistance at around that price level, 0.91667, which means at this time you can even place a buy on Euro GBP and then have your take profit targets for the week on 0.91667. I think I'm having some questions. Oh, someone said I'm too fast. Okay, and then finally, um, is the coin of most of the instruments, which is, um, DE30. So for DE30, DE30 is currently trading at a recent high on the instruments, which also coincides with a resistance around 12880.5. So just as some other instruments which are very close to resistance, should also be cautious and then await reaction around this resistance for DE30. So a close above this resistance today for DE30 means we should now target the next high on the instrument, which also coincides with another resistance at price level 13774.1. So that means, uh, for DE30, I'm still a bit bullish looking at recovery around the world, but we have to be cautious of this resistance where the instrument is currently trading. So it should overcome this resistance before we have our buy trade. So I don't want us to place a buy yet. Let's wait and see the reaction around this price level, around this region. So whatever reaction comes up from that region will tell me the type of trade we should place, even though I am more bullish On this instrument. Um, so if you have any question, this is the time to quickly ask your question before we call it a day. Okay, if you have any question, quickly ask the question at this time. Okay, can you please go through EUR/USD again? Okay, so that's one. So, so, uh, Madame Ronke wants us to go through EUR/USD again, so I will do that. Uh, do you have any other question? Any other person with a question. Does the link work for those with a phone? Well, well, well, um, on the phone you will not be able to add external indicator on the phone. So that's just it. But in as much as you're able to pick, um, those price levels, so those price levels will be a very good guide for you. For some of us that are using phones, phones, you cannot add support and resistance to your phone. Um, someone is just joining up at this time. He said he joined late. Well, next week will be another time at the same time, that's by 10 AM. So the analysis is for the entire week, it's for the entire week and not just, um, for today. Daily analysis is made available via our emails, so you would normally receive daily analysis on our email. That one is Trading, so you always get that in your email. Um, someone is asking for the recorded audio. Well, um, the recorded audio is usually not available, so you might not be able to get the recorded audio. So that's why it's important for us to try as much as possible to pay attention to, um, the analysis. Okay, someone is also asking for gold, someone US30 and then the 30. Okay, USD/JPY. I came late. For those that came late, well, well, well. And I will try to just have a rundown on all the instruments once again, so for the benefit of those that came a bit late, so that which you can also catch something. Okay, okay. So let's start from Euro USD, just as requested. Okay, so this is EUR/USD. I, I said earlier that the instrument is currently trading around the resistance, so the reaction around the resistance will determine What we will do, even though I'm very much bullish on Euro USD for this week, and I gave us the reason at that time due to some expected agreements on this pandemic fund from the Eurozone. So if that is able to pull through, then it should lend some good strength to the fiber, and the Euro USD should be a very bullish one for this week. So for a buy trade, you should be looking at around the price level which I. Just highlighted as 1.13091 with a take profit for this week around this price level. So I'm expecting EUR/USD to trade up to this price level for this week. Price level, entry point, price level, take profit, and then our stop loss Below the verified support, which is around this price level. That's 1.1442 for our stop loss. Okay, so the next stop will be USD/JPY. So for USD/JPY, pointed out to us that we had this bearish signal on this instrument on the 4-hour timeframe, and I think that should be on Friday. And then the instruments traded bearish up until this weak support. Then, um, in the early hours of today, we had a candle that was able to close above a resistance, but it eventually was a false breakout as this candle eventually came in into the channel. So for this instrument, I'm expecting a retest around this support, which means we should have the buy limit at this price level. Because I'm very bullish on USD/JPY for this week, we should have a buy limit around 107.385 with our take profits at around this untested resistance, which is 108.068. But we'll be having a very tight stop loss, so our stop loss will be just beneath the recent low on this instrument, which is 107.260. Very tight stop loss. So the next stop will be AUD/USD. I kick off the analysis by looking at the Chinese markets for this week. That's the Chinese market opened bullish for the week. That's earlier hours of today, and Australia is a major trade partner. To China. So any data coming out from China would be a very good one also for Australia as well as New Zealand. So owing to that fact, and then looking at the recent recovery, looking at the recovery of the Aussie against the greenback, so I'm expecting that recovery to still continue. That means I'm very bullish on AUD/USD, and then we can buy AUD/USD at this time and then have our take profits around this verified resistance, which is around this price level, 0.70369. So you can buy AUD/USD at that price level. So bullish on AUD/USD for this week. Let's For US30, yes, I said earlier that I'm very bullish even though the current candle is having some form of retracement. So I'm bullish on US30, so should be looking at a buy trade also on US30. Yes, I want to just get the entry point for us. So with our entry points above this verified resistance, which is around this price level 26284, and then I take profits before this next untested resistance which is at 26681. So bullish on US30. So this formation is, um, actually a signal for us to be on a buy on US30. So just this resistance and then I take profit at this price level with our stop loss below This hammer, which is around this price level 25408. We have our entry points here. We have a take profit at this price, and then we have our stop loss below this hammer. That's at that price 25415. The next instrument we'll be looking at is some USD card. So. USD/CAD, uh, we have the greenback against the naira. They are major trade partners. So Canada supplies most of the oil that the United States uses. So as a result of recovery in oil prices, we could also notice that USD/CAD has actually been trading extremely bearish in the last couple of months now, since around April. Since April up till now, USD/CAD has been very bearish. And around that time is also the time we had the recovery in oil prices. So the loonie is really dependent on price of oil. And with the expectation that oil will continue to trade bearish— bullish for this week, so I'm also expecting USD/CAD to continue the bearish note. And then we should be looking at having our sell trade around this price level. That's 1.34797 with our take profits before this verified resistance around this price, 1.33459. I would have told us to enter a sell at this time, but because we have to be cautious of this support, because of this support, we should wait for this support to be defeated. That's why we'll be having our entry price below the recent low on this on the instrument, which is around this price level, and then we target the next resistance on USD card. The only time we can consider having a buy on USD card is when USD card is able to trade above this high. Although this a low, this low is lower. This a high. Which is lower than this point. So once we have another high that is higher than this high on USD/CAD, so around this price level is the only time you can consider having a buy on USD/CAD. But that will only be possible if the recovery in the prices of oil does not continue for this week. But in as much as that continues, we should be looking at a bearish move on USD/CAD from that price level and then have a take profit at this price level. So for gold, I had to show us the monthly charts for the instruments. Even though gold is currently trading around the most recent high, which is around the price which is where it is currently trading now, That is why I said even though I am bullish on gold, we have to still trade cautiously now because it is approaching the all-time high that was attained around the month of September in the year 2011. That's a 10, almost 10 years high, 9 years high. So that's a 9 years high on gold. So gold is gradually approaching that price level, so we have to be Trading gold cautiously because at any time there might be a crash, especially if the recovery continues at a very fast pace than has been earlier envisaged by the finance experts. You should buy gold cautiously this week. And I said you can buy at this at the moment, at the current price, then have our take profits before this untested resistance. That is for today. But overall for this week, I would encourage us to wait for the reaction around this resistance because this is actually the, uh, the most recent high on the instrument at this time. So we should wait for the reaction if you are looking at it overall for this week. But for today, we can buy up to around this untested resistance on the 4-hour timeframe. So for oil, I'm still very bullish, just as I said earlier. And then we should just wait for oil to close above— it should be above around $43.98. So once oil is able to trade to around that price level, then we have our take profit At $45. So for this week, I'm expecting oil to trade up to $45. $45 for oil for this week. I think I'm having some questions. Okay, someone is asking that what informed my decision to choose different time frames. Yeah, because this analysis is for the entire week. It's not just for today. That's why I had to choose 4 hours as well as daily time frame for my analysis. But if it's just what I'm going to do within today, intraday, then I would have chosen that 30 minutes or 1 hour. But we are looking at the movements for the entire week. Where should each of these instruments trade up to for this week? So we need, um, slightly bigger time frame. Yes, I've closed my USD/CAD trade in profit. So what's my— I've been able to achieve my target on it. That was why I had to close it. Someone is asking that my USD/CAD trade is closed. Yeah, so I've closed it in profit. Yeah, USD/CHF has similar analysis with USD/CAD. So it's the action around this support that will also give us direction to trade on the instruments. Um, Swissie is also regarded as a safe haven currency and has actually also been gaining against the greenback in recent time. So the gains is still expected to continue for this week, especially if the instrument is able to, um, finally defeat this verified support. So it's a very crucial support on this instrument that it must defeat either today or in the early hours of tomorrow. Once that is done, then, um, the coast will be very clear for us to have a sell trade on USD/CHF, just like USD/CAD. So, but the support is very, very crucial. It must break below this support and close below it before we have ourselves— so we should have a sell trade below the recent low. This is the most recent low on this instrument. So we can have our sell trade around this price level, 0.93589, and then we target, uh, before this support at 0.91614. Because I am almost certain that once this instrument is able to break below this support, either today or in the early hours of tomorrow, then the next rest will be around this proven support Daily timeframe. Let me move to 4 hours to be able to get a closer support. Okay, so once it's able to, um, go below, uh, this support around this price level, so we take a price at 0.93855, then the next target will be this verified support around 0.92014. Yeah, so GU, as I told us when I was taking it the first time, that you could have even bought at that time, and you would see that the candle that was bearish then is virtually bullish now. And then I'm expecting this particular instrument to trade as high as this price level for today. But if you are looking at the trade for the entire week, let us wait for reaction around this resistance. But for today, you can buy GU up until this resistance. But for the entire week, let's wait. Or once you close the trade, you will place up until this verified resistance. Wait for the reaction around this resistance. Once it's able to surge above it, then we can have our buy trade around this price level. And then have a take profit before this untested resistance. Those around this price level will also be a very good one for overall take profit for this week. So I'm still very bullish on GU for this week, even though Brexit negotiation as well as the sentiment hovering around it is still in the market. I'm still very bullish on, um, GU. So for EUR/GBP, I told us that we can even buy at, um, the current price and then have our take profits at around this price level. So let's say 0.91623. So you can buy EUR/GBP with a take profit at this current price level that buy now and then have a take profit around that price level with our stop loss, which will be pretty tight around this price level on the instrument. And then conclude with, um, DE30. So I said earlier that for DE30 for today, so I would, um, not advise us to— even though I'm bullish But I will not advise us to enter a buy trade at this time yet. So let's wait for the reaction around this resistance. So the reaction around this resistance would give us a clearer clue as to the type of trade to place. But we should have a buy trade around the price level that I have just marked out, which is above the recent high on the instrument. Which means it has been able to outrun the last high. Once it gets to that price level, then we can have our take profits at the most recent high, the most recent high on the instrument, which is around 13686.5. So I'm bullish on DE30 despite the the current Wirecard challenges. So I'm still very bullish on J30 despite everything surrounding Wirecard at this time. So that will be all for the analysis for this week. I believe we'll all be able to utilize all this trading opportunity looking at some of the fundamentals as well as the technical setup for each of these instruments for this week, and then we'll also be able to use those information to make some money for ourselves. So I wish every one of us a very profitable trading week. Thank you. Okay, someone is asking that how do we install the support and resistance indicator that I just dropped for us. Okay, so once you download that indicator, you copy and then you click on File on your MT4. From File, you click on Open Data Folder. So from Open Data Folder, you click on MQL4, and then you open your indicator folder. So from the indicator, then you drop that indicator that I just dropped for us. That's the support and resistance. So once you drop that, you close your MT4, and then you relaunch it. You add the indicator to your charts from indicator list. Just come to custom and then you pick SA support resistance underscore VO4C original mode. Okay, so thank you very much for today. Yes, you should be looking at buying GU for today. So thank you very much. Have a very profitable week ahead. Mr. Kingsley said he didn't get the how to use. Indicator. Once you've been able to download that indicator, the next thing you need to do is you come to your MT4, you open the MT4 just as I have done now, then you click on File, Open Data Folder. So once you have opened the data folder, you open your MQL4 Then you open indicator folder, and finally you drop the indicator inside the indicator folder. So if you need any guide on that, you can send the mail to feedback@rally.trade. So do have a very profitable week. Bye.