 Hello, good morning, and welcome to today's products and focus and the news that's dominating all the headlines right now is the statement from the Saudi oil minister where he said that they would quite like to have they could potentially quite Support 20 dollars a barrel and that's on the back of all the Production freezes that they mentioned Iran come out earlier on the day to say that they've just gotten out of sanctions They weren't want to have any other restrictions on how much oil they can sell and Basically, that's put the cat amongst the pigeons now and oil prices took a massive tumble overnight dropping a good number of percentage points and looking like they're beginning to move that a little bit lower again this morning that had a big massive effect on the Energy stocks in the US. They do had triple-digit losses And basically the momentum from the rally that we've had in equities now has just ever slightly shifted It's not like we've had a dramatic turnaround, but it has put the brakes on Some of the best gains that we've seen in a large number of months So that gives you a bit of background or gold's a lot firmer now on the back of that But it's still a bit brexit people are still talking about a cable your dollar everything else But now it's oil again that people are looking at and the pendulum one minute everything's all looking good next minute everything's all looking pretty terrible and There's so much politics involved and right now literally one guy speaking And the US can have a big massive impact obviously when you're the Saudi oil minister You do have a lot of clout as well, but that's going to put the brakes on the oil Jump that we had there. We're gonna be looking at things from a technical perspective now starting off with that double bottom on the US 30 as well Okay, so what this does is gives you a better idea where we are So we still have this double bottom right here. We didn't have the follow-through completely yesterday now I've slightly redrawn for this potential Resistance level is so coincides with the 55 period SMA. We had we had a failure to break higher yesterday reversed down We're off the session low so far this morning 69% of seems to marks clients are currently short But we really want to break above there and we're not actually accelerating too fast this morning. So If this can move begins to run out of steam We can see a slight bit of a retreat back down towards that 21 period SMA as well moving on to the UK 100 You can get an idea of the bearish engulfing pattern. We're below the 255 period SMA Similar aspect we might begin to see a little bit of a retreat back down towards the 21 period SMA if the rally begin If the rally doesn't follow through with anything of conviction 67% of seems to mark as clients are currently short though the technicals are relatively neutral And we still look like we're in a potential downtrend right now Moving on to the Japan 225 a similar picture 16384 is a potential resistance level that's been in play for a number of sessions now Also coincides in the 21 period SMA other technicals are relatively neutral. There's been a bigger bounce right here Let's have a look at but clients fit almost 50-50. Let's have a look at dollar yen because that's the thing That's really driving the markets. Look at that bounce. We've had a 111 spot 61 So the there has been obviously yen buying interest. It's dropped down to potential support There's been a bit of short covering there. The question is is this going to be a hammer formation unlikely But if we begin to retest this and then break down below it We could be looking at the next potential support at 110 64% of seems marks clients are currently long. So they're anticipating a move to the upside But the fundamentals perhaps are a little bit on the opposite side of that Moving on to cruel West Texas, you'll see that move that we talked about bearish and golfing pattern Following on to Saudi Arabia oil ministers discussions yesterday breaking back down below that 21 period SMA We are pretty much doing nothing this morning. It's just completely flat the other technicals relatively neutral Matt the histogram slowly moving lower. We've not that got the crossover yet But we could be looking if we the pressure ramps up. We could be looking at a move back down towards 26 spots 72 We need a bit of a step change for this to go back back up here on the back of the oil ministers comments Now it's going to take something kind of significant to get this back up here But I think today we do tomorrow Today actually we've got crude oil inventories, but we'll come back to that in a little second so moving on to gold Gold as you can see there it looks like if this was a symmetrical triangle formation gold had a big spike yesterday We've looks like we tried to break higher this morning as being pushed back into negative negative territory Which is interesting since it was actually positive for part of the day so far But obviously we still got a lot of time to go in today's session 77% of CMC market clients are currently long If you look at this from technical perspective, and we got this breakout and then just a reversal It does look a bit like a fail breakout at the moment But we do have the whole day's trading ahead of us to see what happens moving on to euro dollar Euro dollar unfortunately breaking that little bit lower back down towards one spot 10 Getting quite close to 55 period SMA as well. I feel the pressure from the Brett exit People have concerns about the eurozone with the pound with the euro For obvious reasons and then if we have a quick look at GBP USD to finish things off You can see this is the lowest value that GBP has had There's actually closes below here This will be the lowest close that GBP USD has had for the month In decades now has been lower than this was not closed lower than this for some time If I just go back on my weekly charts, let's go into month of charts Let me get a chance to see that a little bit more clearly so you can see here even though it has been lower It's not closed Below this point for a long time even if you go back as far as these charts will go even here It has been lower, but it's just not closed Lower than where we are right now. You can see the tips of these candles. So that would be significant I can't remember the last the last time that we've seen a close Look at this one spot 39 Sterling's getting absolutely smashed right now. I look at it from a technical perspective in the monthly charts It's really ugly candle to have in the monthlies So do bear that in mind when you're trading this So let's finish up with the market calendar See what's coming out And as I said, I think we do have crude oil weekly petroleum sales. That's going to be an interesting one Moving on then you have CPI GDP for a sterling That's going to be important for sterling as well tomorrow CPI for the eurozone durable goods and employment claims And then obviously Friday you got consumer confidence for the eurozone CPI for Germany GDP for the US Consumer sentiment for the US and finishing up with personal income and we're getting quite close to the end of the week So Monday, we don't have a huge amount. We do have eurozone CPI as well to round up the day Well, that's it for me guys Not much kind of happening from the fundamental perspective But as you can see lots of cool technical moves to be aware of very good luck with your trading and join me again Actually, I'm going to be working in a different office for the next couple of days So join me again personally on Monday where we can see what happened next. Thank you very much and goodbye