Weekly analysis 27th 31st July

Okay, so good morning to us all. Good morning, everyone. So if you can hear me, let me quickly get a yes from us. If you can hear me, let me just get our yes so that we can start the review in earnest. Let me get our yes, our yes as soon as possible. Okay, so that's good. I've gotten a yes from Mr. Tobi Nobar, Mr. Isaac, Mr. Yusuf, Mr. Kunle. Okay, Mr. Eric, Madam Ronke, Mr. Chizzy. That's beautiful. Okay, so that shows that We can start up now. So I want to welcome every one of us to the review for this week. Basically, we just need to have an overview of our expectation for this week considering some instruments. But we'll kick off by looking at the fundamentals that we are expecting for this week. But we also need to remind us that last week we witnessed the return of the US and China trade tensions as a result of the countries forcing the consulates to close in their respective country. Although Washington kicked off the whole tension when they ordered the closure of China consulate in Houston, and then China also did the same by retaliating on Friday. So that was what actually led to the further loss of strength in the greenback for last week. So let's quickly have a rundown of what we're expecting for this week. Earlier today, the Reserve Bank of Australia's Assistant Governor Kent spoke. So he actually gave an assessment of the Australian economy, saying that it's not very safe for the economy to have a negative interest rate at this time. So that's coming from Deputy Governor of the Reserve Bank of Australia. So by 1:30 PM today, we're expecting the core durable goods order as well as the durable goods order. These data are very, very important even though they are medium impact, but they will show to us How well the U.S. economy have been able to pick up, especially with respect to demand for durable goods. The manufacturing sector of every economy depends more on the durable goods. So durable goods also would actually give us an insight into the manufacturing sector of the United States economy. So 1:30 p.m. today, Let's be on the lookout for the durable goods order from the United States. So tomorrow would start off the day with the Spanish unemployment. Let me check. It seems I'm having some messages here. See that some people cannot hear me. Okay, some people have said they cannot hear me. Okay, that means I have to kick off. I have to start all over. Let me try to check. If you cannot hear me, I would advise that you should check the audio settings of your own device. You need to check the audio settings of your device if you cannot hear me, because I'm actually speaking as loud as I can, and every other person seems to be able to hear me. So we start all over again. So I start from what we'll be expecting for today. So at the inception, I told us what actually drove sentiment last week, that's the closure and the retaliation from China as well as from the United States. To the closure of their consulates in respective countries. The whole thing started from Washington, and then China also had to retaliate on Friday. So we could actually see the return of tension weighing on sentiments in the markets. That was for last week. Mr. Felix said he's still not getting me. Others can hear me, so I would still advise you check the audio settings of your device. because others can hear me perfectly. So for today, the day kicked off with the Reserve Bank of Australia Assistant Governor Mr. Ken speaking. So he talked about interest rates in Australia, citing that it does not make economic sense for the country to move interest rates to the negative territories, looking at the way coronavirus has actually affected the Australian economy. That might be safe for them to consider interest rates in the negative territory to be able to support the economy further. But someone at the helm of affairs when it comes to the Reserve Bank of Australia said that is not the best decision for the Australian economy at this time. So I said by 1:30 PM today, we should be looking forward to the core durable goods order month by month and then the durable goods order month by month. The true economic data is very important for the manufacturing sector because, you know, the manufacturing sector depends more on durable goods for their production. So this will give us an insight into the recovery of the manufacturing sector in the United States. So let's be on the lookout, 1:30 PM today, for the durable goods order. Okay, yeah, some people are responding that they can hear me. Yeah, that's good. Okay, so for tomorrow, I will be starting off with the Spanish unemployment rates. Everyone is aware of the impact of coronavirus. We've seen its effects. Okay, so Mr. Felix said he can also hear me now. That's good. So it has actually affected, um, the job markets, seeing countries around the world, um, having their unemployment rates jump from what it used to be around 3-4% to 16-17-18%. So the forecast for the unemployment rate is Spain tomorrow is expected to be at about 16.7%, which means that they're expecting more persons to have lost job from what they had the last time that this data was released, because the last time unemployment rate in Spain stood at 14.4%. So more job loss was priced in for the forecast tomorrow. So let's be also on the lookout for that by 8 AM. So that one will be coming as early as possible, um, tomorrow morning. That's by 8 tomorrow morning. So by 3 PM tomorrow, we'll be expecting the consumer confidence, um, from the United States. You know, consumers actually, um, give us an insight into an economy. When consumers have high purchasing power, then you know that the economy would be able to also react positively to that. And if the confidence of the consumers are not very high, the economy will also pay dearly for it. So the consumer confidence tomorrow will be a very good indicator into the US economy. So let's also be on the lookout for it by 3 PM tomorrow. Great. Um, so Wednesday is a very, very, very interesting day because we kick off the day by 2:30 AM with CPI. That's Consumer Price Index quarter by quarter trimmed mean CPI at 2:30 AM from Australia. So this is a measure of inflation. So this would actually either corroborate the speech by the Deputy Governor of the Reserve Bank of Australia earlier this morning that they should not reduce rates to the negative territory. So if CPI is able to come out as expected, that means what the assistant governor saw is actually right. But if not, they would start questioning the speech that he had earlier today. By 3 PM also on Wednesday, would be expecting pending home sales month by month. Then by 3:30 PM that same day, it will be the turn of crude oil inventory. And the return of the US-China tension is not going to be so favorable to oil. because that will dampen some optimism in the markets. And then oil, as a result, is also expected to, um, lose some ground due to, um, the recent tension. Then by 7 PM, very, very interesting, will be the FOMC statement, federal funds rate. And then by 7:30 PM will be the FOMC press conference. Um, looking at the US economy in the last 3, 4, 5 months, we see that the economy has actually been in a bad shape because millions of Americans have lost their jobs, and then several thousands of small businesses have also closed permanently. The month of August, which is next month, starting in a couple of days, may not actually be better for the US economy. There are some reasons why I'm actually saying that, because the CARES Act— that's the Coronavirus Aid, Relief, and then Economic Security Act— that was passed around the month of March to the tune of about $2.2 trillion will be coming to an end by the 31st of this month, which is just about 4 days away. That act actually boosted unemployment benefits by about $600, which means an average American who has been a recipient of the unemployment claims has been earning about $980 every week. So if you look at that $980 every week, it is very close to what an average American worker would have earned in a week. So it doesn't— even though they are not employed, they are not worse off. And even some people, what they earned before that CARES Act was passed was lower than $980 that they are currently earning. So it means some of them are even better off. And as a result of people being better off than when they were even employed, some people stopped Searching for employment because what they are currently earning is far more than what they would have earned if they are working, let's say, from eight to four, eight to five, or depending on the hours they have actually committed to or they are committed to their jobs. So as a result of that, the Republicans are currently against the extension of that act, and if that happens, that is still going to dampen some optimism with respect to the dollar, and the dollar might actually lose some strength. And so it means there is a lot in the hands of the Federal Reserve come Thursday or come Wednesday when they will be making available their federal funds rates as well as their statement. Because considering the bond market also in the US, you see the bond markets showing some inversion in the yield rates. So that is already sending some signal that recession might be around the corner. The United States. And one of the responsibilities of central banks, and in this case the Reserve Bank, is to be able to stabilize the economy. So they will— they have a lot. They have to be very, very full on Wednesday, and they have to give us a lot of confidence in the markets for people to believe in the US economy. And there are a lot of sentiments even going around now that the Federal Reserve might likely devalue the dollar. it might likely devalue the dollar. And if that happens, that means the bullish move we have been seeing on EUR/USD, GBP/USD recently will likely continue. And that might also still lead to gold continuing on this very strong bullish move that we have seen in recent time. And then they also need to consider the growing number of infections in the United States. You see the numbers on a daily basis rising and then rising and then rising, which means that some states, as this continues to rise, might be forced to still shut down their economy for the second time. And if that happens, there will be no effect on the United States economy. And then the month of August also is the month when the Senate are usually on a recess. And if they are on a recess and the Federal Reserve is trying to increase their pandemic support for the economy, who will approve, um, such in the month of August. So if they are not able to bring out concrete statements come Wednesday, then we'll see the sell-off on the dollar continuing even on a more strong note from Wednesday. So let's be on the lookout for 7 PM on Wednesday to have a clearer insight on the US economy and then our expectation on the dollar for this week. And even the month ahead, especially the month of August, depending on, um, their statement come 7 PM on Wednesday. We need an income. Good. Yeah, we still get there. Yes, we still get there. We'll still look at the charts. I'm just giving us a rundown on the fundamentals before we now look at the charts based on the knowledge we have acquired from what we're expecting, um, on the fundamental front For this week. Okay, then on Thursday, for some of us that trade the Swiss franc, Mr. Kennedy is saying MB. I don't understand what that means. Okay, on Thursday would be the turn of Swiss franc. They will release their own economic barometer. For some of us that were science students, we know what a barometer is used for. So in this case, the economic one, not the normal barometer we are aware of. And then by 9 AM, it will be, um, the powerhouse of the eurozone, Germany. They will be releasing their prelim GDP quarter by quarter. A decline is expected, a decline to the tune of 9.0%, minus 9.0%, um, decline in GDP is expected, um, from Germany. So Germany is the powerhouse. If the powerhouse is expecting a decline to the tune of 9.0, you should have an ex— an idea of what other countries, especially countries like Italy, what their own GDP would be looking like. Then by 1:30 PM also, we'll be expecting advanced GDP quarter by quarter from the United States. Well, I complained about the prelim GDP from Euro— from Germany earlier, that it's -9.0. This time around that of the United States has shown to us that, um, the expectation from Germany is even very, very small. They're expecting -35% decline in their GDP. So that is not, um, really a very good one, um, looking at GDP from the United States. And then we have the price index, advanced GDP price index, also at the same time, as well as unemployment claims. Unemployment claims continue to soar, and one of the reasons that we can ascribe to that is because people are not even willing to search for jobs because the pay that the CARES Act is giving to them make it even very much comfortable for them to be out of job than looking for something to do. So unemployment claims might still be higher than this forecast as it has been in recent weeks. And then finally is on Friday, there will be data from China. China, that's the Chinese yuan, manufacturing PMI, non-manufacturing PMI. Although some of us will be looking at, okay, why also talk about China? I will be looking at the manufacturing PMI and the non-manufacturing PMI from China because of the type of trade relationship that exists between China and Australia, China, Australia, as well as New Zealand. So the 2 countries would benefit the manufacturing PMI from China is better than forecast, because a lot of commodities that China use for production comes from New Zealand as well as Australia. So when the manufacturing sector is doing well in China, it means they're able to buy more from Australia as well as New Zealand. So the 2 currencies will also benefit from a better than expected Manufacturing PMI from China. The next stop will be at 1:30 PM from Canada. So we'll also be expecting GDP month by month from Canada, core price index also, and then personal spending this time around from the United States. Now we should note, on a positive note, at this point, um, the GDP from Canada, it's expected to come out at 3.3%. This is the highest we have seen on other GDPs we've been looking at for this week, which means that expectation on the Canadian economy is still pretty positive and is good for the traders of the loonie. So we should be more positive on the loonie for this week. And then 2:45 PM, 2:45 PM will be the turn of Chicago PMI. That's And then by 3 PM, revised UOM consumer sentiment. That's that will round off the week when it comes to fundamentals for this week. 3 PM, um, consumer sentiment. Okay, people are already asking on specific instruments. Yeah, we are going there now, but we need to first have a rundown of the major economic events expected for the week before we go to the charts, and then we'll look out for trading opportunities that we are expecting or we are envisaging for the week. So now it should be the turn of the charts, so we'll turn to the charts and then look out for opportunity for this week. Okay, so I hope you can all see my screen. So we'll be starting, um, the weekly technical chart with, um, US30. Um, for this week we're expecting over a third— that's one-third of the 30, that's about 10 companies— is expected to make available their earnings, quarterly earnings this week. Tomorrow, McDonald's, they will be making available their own earnings reports. Analysts are already expecting a $0.74 earnings per share return on McDonald's share, and then the revenue of about $3.68 billion. Visa is also expected to make available their earnings details tomorrow. Earnings per share is expected to be at a $1 And, um, they're expecting a revenue of about $4.83 billion. Um, I'm actually taking us— or giving us this so that we know what we would be looking forward to when we are trading US30, especially tomorrow. We're expecting 3 key companies making available their earnings, um, for tomorrow. And then 3M also, as well as, um, Rethym Technologies, will also release their earnings reports. For Tuesday. On Wednesday, it will be the turn of Boeing. Boeing will release, um, their earnings details also on Wednesday. In the case of Boeing, we all know that, um, the aviation industry was very, very hit with, um, the coronavirus. They are expecting a net loss of about $2.60 per share, um, and then a revenue of about $13.32 billion. On Thursday will be P&G. earning per share of $1.01 and then a revenue of about $16.99 billion. Apple also on Thursday, $2 as their EPS, that's earning per share, and then $51.57 billion in revenue. These are forecasts, so by Thursday that's when we would know if the earning per share from Apple will be up to $2.05 or to come out lower than $2.05. On Friday, Caterpillar would make available their— there's $0.64 in EPS is expected and the revenue of about $9.38 billion. Then Chevron also— Chevron, you know, the oil company, were also hit by the coronavirus. So Chevron and ExxonMobil will make available their quarterly earnings also on Friday. So they're expecting a $0.91 share loss in their EPS and then $22.2 billion in revenue. Mobil, a loss of $0.62 billion in EPS and then $38.16 billion in revenue. So that means our expectation basically on US30 for this week will be resting on the release of the earnings from companies that are part of US30. So 10 of them will been making available their earnings for this week. Although on a very good note, out of the 10, about 6 is expected to be positive, which means we can still have some optimism when it comes to US30 for this week. But I would not want us to have a buy yet because if you look at the moving average, you'll see that the moving average is currently far away from the price. So let's wait for price to either catch up with the moving average and then we can have our buy and have a target around this high. Which is, um, the recent one on this index. The price is at around 27,012. So 27,012 will likely be our target for this week, but a buy is not, um, um, good yet. It's not good yet. Let us wait for, um, reaction with, um, the moving average. So depending on what happens around the moving average, you would know if You have to place a buy or not, and then based on quarterly earnings that will be made available from the components of US30. Okay, so Mr. Sulaiman is asking that, is it enough to depend on the news for profitable trades? Yes, absolutely. You can depend on the news and then you make reasonable amount of money from the market. I'm using 21-period moving average. Okay, so next stop would be on EUR/USD. So EUR/USD has been on a very strong bullish run, and then there are some positive news from the eurozone. They were able to successfully pass their pandemic support, which has actually given a lot of strength to the 5-bank, especially against the greenback, which has been very, very weak considering the tension with China and then the rising number of cases of new infection in the United States. So I'm still very much bullish on EUR/USD for this week, especially ahead of the rate statement on Thursday— on Wednesday. So ahead of the rate statement on Wednesday, I'm very bullish on EUR/USD. So should be looking out for buying opportunity on on EUR/USD for this week. Now, so for now, let us just wait for a retest, um, on this moving average so that, um, it can gather enough strength to continue the bullish run. So we should not buy yet. Let's wait for some retracement on EUR/USD to around this moving average before the buy can continue. So we are still Looking at buy for Euro USD, but not yet. Let's wait for it to retest the moving average, then we buy off the moving average. Okay, so Mr. Isisho Sam is asking that what effect does the Euro Recovery Fund package have on the DAX? Yeah, it's a bullish one. for the D30 considering, um, the pandemic support coming from the eurozone. So when individuals earn money, they cannot eat the money, they have to spend the money. And when they are spending the money, it is the company that will make the money that has been spent. So it's good for the companies. So it's bullish for, for not just the DAX but, um, index generally in the eurozone. It's good for them. The moving average is 21 all through, so 21 all through. So let's wait for a retest on the moving average before we buy, but it's very bullish on EUR/USD. Okay, USD/CAD, um, sell for this week, but as we can also see here, we would notice that there is a very strong support that is currently in view. So because of that, even though it's a sell, should not sell yet. Let's wait for USD/CAD to break below this support, and then we can have our sell trade. Which means at this time we stay off or we wait for reaction around the support to know which type of trade we should have on USD/CAD for this week. But I'm expecting USD/CAD to be bearish. Okay, so Mr. Samisi said that since that recovery package was switched, that that has been sending. Yes, that is reacting to the tension between U.S. and then China. The index generally reacts negatively to tension. So inasmuch as the tension is still around, even though there are some sentiments that should support the bullish move, the reaction, especially when it comes to tension, will still weigh on index generally. So that's why if you notice across board on index, you see them trading bearish as a result of that tension. Tension is not good for index. Uncertainty is generally are not good for the stock market. So the next stop will be, um, for gold. Uh, so for some of us that have been following our weekly analysis, especially on this instrument, you know, we have been telling us that we should watch out for the high that was attained around 2011, that's in the month of September. In 2011, and then finally gold has actually pushed far above that high. So now gold is trading at an all-time high, and conventionally what one would have expected from gold was that there would have been some either retracements or a change in trend from this price level, but from what is currently happening, we see gold still pushing higher and then higher. So what I would advise is that we should stay off gold for this week. Let's, let's still, um, get to see things around, and then based on happenings this week, we would know what to do with gold, because I'm not very sure this bullish move will continue even though it is still It is still bullish because I don't want us to get trapped on a buy for gold. So it is very safe for us to stay out on gold for this week. Let's just stay out and just watch whatever is happening on gold because this move is very, very, very unusual. And because it is unusual, it is better for us to stay off gold for this week. So gold, no trade for this week. Let's stay off except we are able to get some strong fundamentals that will support either a buy Or a further buy on gold. So let's stay off gold for this week. Okay, so if you have any question, you can just type in your question so I can take them. Just type your questions in the chat because I see some of us raising our hands. Let's just type our questions so I take it as we are taking the analysis. Okay, so someone is asking that are we still bullish on GBP/USD? Yes, we still remain bullish in as much as we're expecting, um, the weakness in the dollar to continue at least up until Wednesday when the Federal Reserve will finally make available, um, the rate statement as well as, um, the speech by the Federal Reserve Chair. That by three, by Wednesday, we'll get to know if the tide will change on on the dollar. But for now, we are still very bearish on the dollar, which means GU, Euro USD are still bullish. Okay, someone said let's review. Well, yeah, we'll get there. Yes, we should still be bullish on Euro USD. Should still be bullish on Euro USD. So for gold, I said we should stay out or stay off. So let's stay off gold for now and then wait until we're able to get some confirmation of a change in trend on gold. Okay, some of us are already asking of the D30. I'll get there. I think I have it as the instrument that I have opened for analysis. I think I will still get to the D30. I think so. Okay, so Mr. Sylvia is asking that how can he start some trading? Oh, that means you need to attend training because if you don't know how to do it, we are very ready to train you so that you'll be very ready and then very prepared, very prepared for the journey ahead so that you can even be profitable in the markets. Um, make yourself available at any of our offices for training— Lagos, Ibadan, Port Harcourt, and Abuja— for training. And then you can access all our trainings on rally.academy. And we do offer online training also, so anyone that you able to meet your schedule, you can always be a part of our training, get to understand how to trade. and be profitable in the market. Okay, so someone is asking that since a lot is coming on Wednesday, can we have another one on Wednesday? I've explained to us what we should expect on Wednesday, so the expectation will help us, um, for that Wednesday. We already know what to expect and then what to be on the lookout for. So when the statement is made available and when Powell is addressing the press are key things we'll be looking out for in his speech. Will they continue, um, the coronavirus, um, support, or is it coming to an end by the 31st of July? So that would give us a clue as to maybe the dollar will continue to be weak, or some strength is expected, um, on the dollar for this— not just for this week, especially for the month of August, because whatever is not done by Wednesday this week, cannot be done in August because the Senate will be on recess and there will not be anyone to approve any pandemic support from Federal Reserve in August. So they must do it this Wednesday or the weeks till September. Someone said that if they stop the palliative, that means USD will gain strength. Not at all, not at all. That means the dollar would be extremely weak, will become weakened much, much, much more weaker than it is at this time. Even with the palliative, we can see that the dollar is weak. Although that is more due to the tension between the US and then China, but at least even before then, it has not actually been so strengthened because the growing number of cases in the US is not helping. So the palliative has actually helped in a way. So depending on the decision of the Federal Reserve come Wednesday, so we would know what they are planning to do. To support the economy. Okay, so for Great Britain pounds USD, just like on Euro USD, we still remain very bullish on pounds against dollar, and then for this week we can actually target. About 20, 30, 40, 50 pips for now, pending the decision on Wednesday. So the decision on Wednesday is very crucial to any instruments that is paired with the dollar. But for now, we are still very bullish before Wednesday. So buy on GU is a very good thing to— it's very safe for now. Okay, so Mr. Ayena here is asking that what do I mean that price must be above moving average before we place a trade? Like, look at my current chart on GBP/USD. This is the moving average, and we can see price. This is where price is at this moment. So GBP/USD is currently trading above the moving average. So this is the moving average. This is where GBP/USD is currently trading. So it's safe for us to be on the buy trade on an instrument like this, whereas on other ones where I told you that you should wait until the instrument is able to trade above the moving average, the price were below the moving average. And you don't know if the moving average is going to act as an effective resistance against price. So for oil this week, I will still be a bit bearish on oil. That's owing to the return of the US-China trade tension. So that tension is still expected to dampen sentiment. For oil, we are still bearish on oil for this week. So you should be looking out for opportunity to sell oil for this week, except there is a change in situation on the, on the US and China agreement. So except that, still bearish on oil this week. Okay, so I had to draw a trend line on the D30 so I can show us, um, some key areas we need to look out for. on this instrument. So if you look at this trend line, you see that D30 has been respecting it and has been bouncing up and bouncing up every single time it gets to the trend line. So a similar reaction is also expected at this time, which means you can still buy D30 up until it's able to retest this moving average, which has been also acting as a resistance and then as a support. depending on the placement. So we should buy D30 up until a retest on the moving average. And we should remember that we are using 21-period exponential moving average. So we can— it's too safe to buy D30 for now up until that moving average. So for some of us that have been asking me about D30, so that's it. Um, so someone says, can someone with $100 trade oil? Well, if you can add more, it would be better. But if you want to trade oil by force, that I must trade this oil and make money on oil, and then you should not exit 0.01 at any time. And if you have a trade on oil, you should not have any other trade, just one single trade on oil, 0.01, and not any other one apart from that oil trade. Someone says he already has a sell trade on D30. From what we have actually shown to us now, I will not tell you that it might not still come down, maybe later in the session today. But for now, D30 still looks more bullish than bearish at this point. In the next 5 minutes, that might change, but for now, it Safer to be on a buy trade than on a sell at this point. Okay, so the next stop will be on USD/JPY. For some of us that are currency traders, we know some currencies— Japanese yen, Swiss franc— that are regarded as safe haven or haven currencies. Those currencies tend to do better when there are tensions, and we can see that Visibly on the Japanese yen, you can see that the Japanese yen has actually gained strength massively against the greenback due to the tension. So since the tension is still around, uh, we should be very bearish on USD/JPY. There's a lot of room for us to make money, um, selling USD/JPY for this week. In as much as the tension is still around, the yen is expected to continue to be strengthened, especially against The dollar. Okay, someone is asking that can we look at Ethereum? We don't have Ethereum on this platform, but Ethereum is still bullish at this moment. So if you are bullish on Ethereum, you are good to go. Okay, so someone says USD/CHF. USD/CHF, we have similar move like USD/JPY because the Swiss franc and then the Japanese yen are safe haven currencies. So they are, they are similar moves. So bearish USD/JPY, bearish USD/CHF. So you, for you, for USD/JPY, you can even sell now. So you are good to go even if you sell now. Okay, so we have a triple top formation on EUR/GBP on 4 hours. So the normal expectation would have been for this pair to trade lower, which means that we're expecting the pound to still be slightly stronger than the euro. So if that is going to be the case, we should not sell yet. We should wait until, um, this candle is able to close below this moving average. It's currently on the moving average, so once it closes below the moving average then we can sell and have, um, a price around this region as our target, at least in the interim. Some— something in this price region around 0.90571 in the interim as our take profit once, um, this current candle is able to close below the moving average. You can see it's currently— that is around that moving average. So close below it, then we can sell. Euro pound up until around this price level, 0.90601. So we sell on euro pound once it closes below this moving average. And then finally, it is the turn of, um, the Australian dollar. Um, just as I explained to Ross, um, the other time that, um, the Australian dollar is expected to also benefit from positive China PMI data. I think the PMI data is expected to be released on Thursday, but pending that time, it is still very safe for us to be on the buy on AUD/USD as well as NZD/USD. Australia as well as New Zealand are trade partners to China, and at this time that there is tension between the United States and China, it means that goods that China currently demand for from the US, they might likely consider looking at Australia or New Zealand to supply some of those goods that they currently get from the US. So that is a very good one for the Australian economy as well as some— the New Zealand economy. So I'm bullish on AUD/USD as well as NZD/USD owing to the tension between the United States And China. Okay, so I think this is the end of the instrument. Let me quickly see if there are some questions I can quickly respond to before we call it a day for today. Okay, so Mr. Is it Trader Trader One? He's asking of silver. AUD/JPY, I think we've handled the 30. AUD/JPY, what should be the profit target on USD/JPY and GBP/USD? Yeah, as much as you, as much as you want. So it's not dependent on you. In as much as you're on the right trend, you definitely make money from those trades. Silver, silver, silver. Let me see if I can take a look at silver. Okay, so for Shiba, even though it's still looking more bullish, well, I would still advise you to wait for some retracement, especially on this current time. Let it retrace a bit, um, to the downside before you enter a new buy. So I can have more room to make money as it is pushing up. So it looks more like a buy of silver. Okay, so I think at this point we have to call it a day. So Mr. John is asking of our office. in Port Harcourt. So you can get the address of our office in Port Harcourt on our website, that's on rally.trade. Once you scroll down, check office, you see the address of our office in Port Harcourt. So I want to appreciate every one of us for joining up for the analysis for this week. The most important thing is for us to utilize this analysis to make money, so we should be profitable this week on our trades. So if you have any question at any time, you can send our questions to feedback@rally.academy, feedback@rally.academy. So we are always available to respond to all your questions and inquiries. So thank you, have a great day today, and have a very profitable week ahead. Thank you.