 Hi, good morning and welcome to today's products and focus and today we should talk about Mario Draghi's press conference yesterday And what exactly what impact that can have on the markets going forward So basically Mario Draghi came out very very dovish statement basically saying that there was no limit to the amount of intervention that this ECB would do in order to support the market and that could come in the way of a rate cut could be QE He was very very kind of blasé about Or nonchalant about exactly what they would do just that they would do whatever it takes and a large number of traders have taken that to mean a potential rate cut and In the eurozone and many traders have actually heard this before So this is not the first time that he's hinted to action and then not actually follow through So what you have seen initially is the markets have massively rebounded higher when you've obviously got the the backing of the ECB We'll do whatever it takes mantra You've seen stocks just absolutely massively rebound Crude oil has jumped about 10% from the laws that I had yesterday before Draghi's speech And the food see is up to 6% from it said from his laws yesterday before the speech But the big question now is going to be Who's going to blink first because now the markets know that Mario Draghi is a bit the talker and he's less of a Less of a man of action It'll be interesting to see if the call has bluff and that's that's the problem Mario Draghi doesn't actually want to cut rates He doesn't actually want to use QE because once he's done it He's used his last ace in the hole and there really isn't a lot of gas left in the tank once he does that So looking at your old dollar yesterday's a prime example initially your dollar absolutely Crash down then reverse right back up only to just a little bit below where it opened Really interesting candle will have a look at that in a second this morning It is a little bit on the decline most equity markets are actually a higher this morning But it is a Friday incidentally and it'll be interesting to see if that this rally is able to Maintain its momentum before the weekend. I suspect you'll get a number of traders looking to show off positions take a little bit of risk out of there as well and Wait to see what happens on Monday So let's go ahead and have a look at things from a technical perspective So you can see quite clearly for the support and the resistance levels are Heading into that weekend. So without further ado, let's have a look at the US 13 So you can get a flavor of the volatility that we've had This is obviously Wednesday Thursday, so we were much higher only for it to come back down again when the markets can really figure things out But the markets are moving a good bit higher We're a little bit away from the moving averages You've almost got a crossover the MACD and there's a bi-signal in the RSI and the slow stochastic It's just about to give that bi-signal eighty three percent machines your markets clients are currently short so they obviously feel that Similar picture to what we just talked about that there could be a little bit of selling pressure towards the end of the session Jumping on to the UK 100 right now 77% of CMT marks clients are currently long So there's actually the only index where CMT marks clients are very hopeful about a jump higher And you can see on Wednesday there. We have that beautiful bounce off the 5600 Decent candle yesterday You can see the lows we were at before draggy But then we were off a little bit from the highs and this morning we're at the top end of its range Jumping on to the Japan 225 77% of CMT marks clients are currently short We're off the session highs 71.72 is the next potential resistance. I'm expecting dollar yen. It's probably done a little bit of reversal Let's have a look at that right now. I'm in fact, yes, it has so very strong bounce of 116 We're actually quite close to 118 spot there once 118 spot 33 this is going to be an interesting level because as you can see here Lots and lots of longer long-legged candles quite close to there and you're getting close to that 21 period SMA So if you're trading it, if you're trading dollar yen 118 spot 33 is a very strategic level. 68% of CMT marks clients are currently long Okay, let's have a look at West Texas, which has 56% of clients are currently Sellers, so maybe a little event decision there. You can just see that beautiful bounce again of 26 spot 73 Strong candle. Yes today another strong candle today, but a rejection of a move above 2963 or quite close to $30. Okay, so big psychological level You've got the long-legged candles there from from earlier on. I think that was a Monday or last Friday That gives you a bit of an idea of where you might expect short-term potential Resistance on the way up. You do have a buy signal coming up on the Mac D the RSI and the Stochastic is oversold but not yet given that signal to buy Moving on to gold Gold has reversed course volatile candle. Yes. They had doji formation We're at the bottom end of the range today one spot $1,100 is the potential resistance. We've talked about other technicals are relatively neutral next potential support $1,085 So let's have a look at Euro dollar and you can just get an idea after drag these comments boom You've got your dollar there smashing through one spot zero eight there at one spot zero eight and change only to reverse course all the way Back up to 21 period SMA back above the 55 period SMA and then just for it to pause 61% of seems to mortgage clients are currently short on your dollar and if you look at today's candle is Kind of a bearish engulfing pattern at the moment We are off the session lows You've got that 55 period SMA and that potential support at one spot zero eight and change if we break and close below that That's when things get a little bit more interesting Then the markets are maybe taking drag a more at his word if we don't see him a big move to the downside We're still trading within this triangle. We've been talking about potential descending triangle formation For as long as we're still trading within that the markets are maybe looking more likely to call Mario's bluff But let's see if he actually acts or not That's a big one. So you a dollar and focus. Let's have a look at GBP USD Decent rebound there yesterday as well. We've had some decent data come out of the UK as well well off the session lows And we were below one spot 41 Back up ahead above war, but we are at one spot 42 and change That's a very strategic level for a GBP USD the question is can it stay above there seems to mortgage clients don't think so 72% of seems to mortgage clients are currently sure economic data wise today You've got a couple of PMI updates from Germany from the eurozone and finishing up with existing home sales I always check the weekend for Chinese data. And in fact, you've just got some Japanese data on Sunday trade exports Monday gives you German IFO business sentiment index Tuesday gives you CCI Wednesday, there's not really anything that exciting till Wednesday when obviously you get the FOMC statement And that will be a very very big one and one that many people will look at for a statement Regarding the strength of the US economy. Obviously, we're not expecting that policy rate to change This is more so what they're gonna say after the fact. Well guys Thank you very much for joining me again today very good luck with your trading enjoy your weekend and join me again on Monday to find out what happened next. Thank you very much and goodbye