 Good morning and welcome to today's products and focus. It looks like most of the global markets have actually bounced off yesterday's lows with the US 30 hitting 17,546 bang on that support level only to rebound quite strongly by the end of the session as it looks like the situation in the Middle East in regards to oil supplies and refineries is not in such a precarious position There are 150,000 Saudi Arabian troops on the border of Yemen, they have yet to enter the region and there are reports that the top leadership of the rebels in Yemen have actually been killed in an air strike very early on the start of the conflict in that region. What we're actually seeing right here is a very strong hammer formation on US 30. We've not actually followed through this morning you've got a potential resistance level at 17,738. The technicals are all quite neutral just now. With the Germany 30 actually spiking up and the UK 100 a bit flat, the US 30 seems to be flattening out in the shorter timeframes as well so we're possibly going to get a bit of a consolidate removed today, albeit towards the end of the session if we don't get to see a bit more momentum on the upside because it is the weekend and because there is a precarious situation in the Middle East, I wouldn't be that surprised if there's a little bit of a sell-off but we do have US GDP figures due later on today So looking at the UK 100, we're not quite as off the lows as much as what the US 30 did, we rebounded a lot more strongly We are above the 21 period SMA, bouncing around that 6906 level there and not that far away we'll need to be honest from that 7000 level so give it another 90 points and we'll be back above there. Potential resistance at 6964 is still to come. The technicals are not so great though You've got a negative cross on the MACD but you are supported by the 21 period SMA in the short term so it certainly seems to be that 6906 is going to be an important level for the UK 100 today Moving on to Japan, very very volatile session, rebound yesterday, huge doji formation that we've got today, both on the upside and the downside There was a note that came out from BMP Parabas that basically highlighted that China is in a very precarious position where a lot of growth is unsustainable We're going to see some small cracks in the fundamentals that are coming through I guess there's worry there that at some point it's all going to come crashing down but they're always worried about that anyway and that's what's caused a lot of the seesawing in the Asian markets there and very strange formation to have that so soon after a hammer formation here after a slight dip but nonetheless it's there for now though obviously that candle is not completed until 10pm UK time tonight Moving on to DOLY YEN, DOLY YEN has been quite interesting the last couple of days Obviously people were buying up the YEN strongly on the back of the bombing in Yemen only for that to reverse course as for whatever reason it still seems to be quite precarious to me but the markets have taken solace from the fact that they believe it's not going to get that much worse for now So on the right side of 119, 119 is going to be the potential pivot level It's been bouncing around there for so long, it's also laying around this 119 level I really was hoping back here that we're going to get a breakout that didn't happen Then yesterday it was looking like we're going to get a lot of the YEN was looking well bid Not that many traders obviously followed through with that So DOLY YEN not really that exciting right now West Texas crowd however is still all over the place Great session yesterday it was up about 6% at one point It's come off a little bit just now on the new day charts and flattening out This is all very dependent now on what happens with that Yemen conflict News obviously that you've got a ran for the nuclear deal I think that's coming to an end this weekend And if there is some sort of deal and there's a lot of people who don't want it to happen There is a fairly large amount of Iranian oil that's waiting to flood the market Should that happen? And with the crude prices already quite pressured that would add a lot more pain for crude oil But obviously that's not happened yet and there's a lot of people who don't really want it to happen So the Iranian nuclear deal might still be tied up a little bit longer and sanctions might play out But should that happen crude oil is certainly going to be going through a volatile session So moving on to gold you can just see the huge turnaround we had A flight to safety first thing in the morning Very strong reversal as people started to pick profits in that one position 12-18 very firmly being potential resistance and also coincides with 55 pure SMA With the other technicals still actually relatively neutral We are in the middle of two ranges right now So 11-86 is potential support and 12-18 has potential resistance And that also sandwiches between the 21 and 55 pure SMA So finishing up with your dollar and cable If we start with your dollar actually we have actually seen a little bit of US dollar strength Come back into the picture pressuring your dollar back down to one spot 07-86 Which has been a support level from a couple of years back Actually that has been in play it's been broken once before And that actually also coincides with the 21 pure SMA Looking at the other technicals they're relatively neutral And we do have US GDP due later on today And that figure comes out decent And bearing in mind most US macro data has actually come out pretty weak If it surprises the market you might get a little bit of a nudge below that one spot 07-86 support level Otherwise if it comes out pretty weak we could see a move back towards 07-11 So finishing up with GBP USD Pressure again Not a great candle for yesterday at all Especially when you look at the short term potential resistance around about one spot 050 The candle was obviously a lot more bullish Until the US dollar started to gain a little bit of momentum Push the sterling back down and looks at one spot 048-13 As ever as again in play And this is a very important pivot level Because if we managed to break and close below that with some conviction The next potential support on cable was one spot 042-43 And that's a lot lower than where we are right now In regards to the other technicals you do have a reversal signal on the slow stochastic Which should be adding a little bit of buoyancy to cable That's not actually kicking in right now We do have bullish cross on the MACD But you can see by the candle formations there that pressure still remains So in regards to the economic data we talked about We do have US GDP due at 1230 UK time And that's obviously going to be an important figure to look at In regards to the state of the US economy Obviously tied it all into the interest rates blah blah blah It will probably come in weaker than expected And if we fast forward on to Monday You've got German retail sales And German CPI due there as well So inflationary data could be quite interesting for euro-dollar traders And you do have the US housing index at 3pm UK time as well So as I will keep you eye on the chart Four will make insights part of your leg going forward And join me again on Monday to find out what happened next