 Good morning and welcome to today's products and focus. So what are the general themes that traders should be looking out for today? Well, I think one of the first ones is going to be in regards to the FX markets where UBS have pretty much come out with the statement saying that the ECB should drop its inflation targets of 2% Saying that they're probably looking quite unrealistic in the current market conditions So that's one thing to think about if you're looking at FX. You should also look at GBP versus the US dollar. Sterling has been getting hit quite hard recently. We had very disappointing manufacturing index data come out I think that was on Tuesday, and that's caused the Cable to get really really pressured and sell off in the last couple of sessions now today also brings the Bank of England interest rate Decision, which is widely expected to obviously remain as it is But it will probably come with a relatively dovish statement talking about the state of the UK economy They're not expecting the UK to raise rates anytime soon. So that's one thing to think about When that gets confirmed Cables already come off a fair amount But when you look at the trend and we'll look at the chart actually when we come along to the technical analysis section of this video You can see for yourself Another very important element to look at we saw a sell-off in the equity markets late last night And that was caused by a kind of another sell-off in the commodity market So it's having a rippling effect across many other areas of the of the global economy You saw the US 30 come off more than a triple digits yesterday And a lot of that is coming down to a couple prices but also also crude and crude's very much in focus again You had Nigeria talking about having an emergency OPEC meeting Brent crude traded below thirty dollars for the first time in 12 years overnight now so slightly above that right now and what's kind of interesting is that actually West Texas crude The first time in a long time is actually trading above Brent and both of those Commodities are trading around about thirty dollars, but we'll get a chance to have a look at that chart again They were they tried to be kind of a bit of a rally later on in the session And it's just as this sold off again later on in that session So that kind of gives you an idea of the general themes to look out for now Let's go ahead and have a look at some of the technicals as well So if we go ahead here and have a look at the US 30 to kick start things off Seems your markets clients are currently showing a little bit of indecision 51% long You can see the sell-off that we had late on this session Especially when we were up a lot higher and so it sold off we are in the middle of two ranges You're looking at 16,000 as a potential support and 16 for 60 76 has been the potential resistance and there is obviously selling interest a closer to get to here We are currently trading at the top end of the range for the day but this this candle here is a bearish engulfing pattern and it doesn't bode well for the future Looking at the UK 100 A very similar candle formation. We were so positive. It was looking okay But it's immediately reversed right back down now We are trading higher this morning again at the top end of the range Seems your markets clients are currently 90% long But just be careful out there because obviously there's still a lot of economic data to come If the economic markets begin to sell off again or there's any heat from China These markets do look a little bit vulnerable So that's currently where we stand the other technicals are relatively neutral But we'll see if things continue after the Bank of England today and the statement that comes out Moving on to Japan 225 seems your clients are 70 or 63 percent short We are we are a long way off the lows of the day I think Japan 225 is actually down about 2.7 percent at one point This is actually encouraging candle formation to have for Japan again a fairly negative candle yesterday But the fact is we were so much lower We've managed to wipe out all of those losses and still them post again That's actually looking a little bit more tasty on the right side of 17172 That's looking okay We are getting a buying signal on the RSI and we're quite close to getting that reversal signal up higher on the slow Stochastic and we might even get a crossover at some point on the MACD But I'm really Japan 225 will be driven by China and the US stock market So we'll see how that pans out moving quickly on to dollar yen Dullion been very very volatile We had a kind of a move a kind of a move to the upside last night as they stop markets began to recover when we had That sell-off pushed right back down again again quite a kind of volatile start to the session similar to the Japan 225 Candle it was more negative as people started to buy the yen as a safe haven They are mind that pretty quickly very sharp move on on dollar yen 61% of seems to markets clients are currently short. We almost have a crossover on the MACD We do have a buy signal in the RSI and close to that and it's a little stochastic So dollar yen is probably slightly ahead of where the Japan 225 is from a technical analysis perspective But you do have quite staunch potential resistance at 118 spot 33 So then moving on to West Texas crude and West Texas crude probably gives you a bit of a flavor of what to The chart gives you a bit of a flavor what to what to expect volatile session again yesterday We try to rally up push right back down again Well today be more of the same that the interesting thing is the tips of these candles here are showing you're making a series of Higher loads. So that's that's useful. Okay, especially when you look at the fact that seems to markets clients are currently 96% long There's obviously a lot of people hoping this is going to push up that little bit higher 31 spot 57 is the potential resistance to look out for and The law is much much lower all the way down close to 27 dollars Then quickly moving on to gold Gold's been all over the place recently actually It did manage to post a positive candle yesterday as the negativity in the market spilled over The yen's probably a better proxy trade for for that kind of As a safe haven asset for the volatility As the markets have recovered this morning gold has then immediately reversed course again You're looking at our kind of one 1080 has been the potential support next potential resistance at 1100 dollars. We're trading above both moving averages This one's a bit of a tough one to call right now. It's not corresponding to a lot of the technical levels in a very friendly manner So, uh, I still think dollar yen is probably your better trade to look at that's what you're interested in Then moving on to euro dollar, uh, still trading within this descending triangle formation 84 percent of seems to market clients are short We're trading below in between both moving averages With the other technicals looking a relative flattening out Which usually means you've got a consolidation the next big move on euro dollar could be a big one So, uh, but we have to break out of one end of this triangle one side of this triangle And then we talked a lot about gbp at the start It's looking pretty grim when you see this chart right here the next potential support one spot 42 30 We are in the middle of two ranges. So we're in the middle of a little bit of no man's land seems to market clients are 53 percent Short so they're showing a lot of indecision and we are slap banging in the middle of two ranges I think you have to wait for the bank of england statement today before you can really have a proper view on where this is going to go next Let's finish up by having a quick look at that economic calendar as you can see there at 12 Nun and uk time We've got that bank of england's rate decision and that normally comes with a statement as well And you've got unemployment claims and we fast forward on to friday We've got retail sales in the us industrial production And also the university of michigan sentiment index. Well guys, that's that's it for me today Very good luck with your trading and why don't you join me again tomorrow to find out what happened next? Thank you very much and goodbye