 Hi, good morning and welcome to today's products and focus and last week's saw us have a very interesting rally on the Thursday and the Friday which caused the global equity markets and crude oil both to manage to pick up a little bit of Lost momentum and push back up higher with the crude oil actually jumping about 10% on Friday Which is a very very impressive move and most other global equity markets took a sigh of relief as As kind of buyers came in and the sellers took a little bit of a break heading into the into the weekend a lot of traders Myself as well would have thought that there was danger that we could have seen a little bit of a sell-off towards the end of the session But after Mario Draghi Midweek came out with the fact that ECB would do all it could to support the eurozone that gave the markets a lot of needed Cheer but there's still question marks around if Mario Draghi will fall through with his promise to do unlimited action But I guess we will find out later on if that will be the case and this week also brings us The FOMC and Bank of Japan with their interest rate decisions and statements as to you know their monetary policy and that'll be interesting to see if Mario Draghi will be going out alone or if there be support from the US and from Japan as well So first thing this morning in the in the global markets We've actually seen I've fallen that big massive spike that we had on Friday most markets now have just completely Flatlined if not just moving that little bit lower as well So when we have a look at the charts from a technical perspective We'll have a look at those candle formations and about more detail And there isn't actually anything really that exciting micro data wise until we get to the FOMC meeting Midweek and that means that most markets might be driven heavily by the technical factors and The fact that we've not followed through with that much momentum so far this morning Could mean that a lot of traders are going to take a defensive view until we get a bit more clarity from that FOMC Session itself. So that gives you an idea as to the overall flavor of the market And let's look at things from a more technical perspective to Get a bit more of an idea where they could go next. Okay, so let's look at the US 30 to start So as you can see there, we've had that decent rebound the candle very very strong Bullish engulfing pattern, but we've actually already started to move into negative territory. We were last look at this This is actually just slightly ticked a little bit higher. It's in the green But now it's already moving lower 78% of CMC markets clients are currently short the MACD is not yet crossed over There was a bi-signal on the RSI and we were getting quite close to crossover on the slow stochastic as well Jumping then on to the UK 100 very strong move Obviously a lot of the commodity markets have had an influence on the UK 100 with copper and oil Both rebounding strongly only then to reverse course a little bit this morning As you can see we are also following the US 30 slightly lower with a negative candle and it wasn't positive territory to start If I just have a look at this from a From a client's standpoint 62% of CMC markets clients currently long. They'll be hoping for a bit more of a rebound Jumping on to Japan 2 to 5 very strong candle on Friday We have been lower this morning to see the tip of this candle right here And it has moved a little bit higher, but nevertheless 78% of CMC markets clients are currently short next potential support 16 4 4 0 Then having a look at dollar yen dollar yen 91% of CMC clients along The US dollar has managed to push up that much higher We've actually gapped a little bit lower on the open could be kept it could be supported by that 21 period SMA But also by 118 and change as a potential support level. This would have been a level a Broken support all the way back in March. We're on the right side of that at the moment I think for as long as you stay on that side We should be we should be okay if it breaks below that and your fear returns to the market a big way people will buy the Japanese yen again and That will give you a little bit more momentum to the downside to 116 spot 80 would be that next potential level Our old friend crude oil West Texas and what a fantastic run it had going all the way from from 26 All the way up to 31 spot 50 and we were even higher this morning But again push back down 51% of CMC clients are currently short We did have a bullish cross here. We obviously to buy a signal on the hour sign the slow stochastic But this is not a great candle to have okay We just started a session to be quite be quite fair, but already we're on the back food So they have a quick look at gold Gold also letting around one thousand one hundred dollars You've got a high lower high lower high could be the start of some sort of symmetrical triangle formation That will give it time to develop you do have two levels for one thousand one hundred then one thousand and eighty five The other technicals are relatively neutral that we did have a bullish cross on the moving averages It's not really followed through with any significance 59% of CMC clients are currently along So look at your dollar your dollar broke below potential support at one spot zero eight and change We've had a retracement back up to that level so far this morning But we've not broken through it with any conviction 55 pure decimating might also add potential resistance longer term potential support one spot zero six sixty 83% of CMC marks clients are currently short And then if you finish up there with GBPUSD very volatile session on Friday for the sterling tried to rally got pushed back down Again the dollars taking a little bit of control And we're still above one spot 42 and change. That's been that longer term potential Support for some time do I have to go into a weekly chart? I think I do and then if we go that little bit further back That's a hammer formation that you would have here. So that from a weekly perspective should be quite a strong reversal signal But it's hardly followed through but one spot 42 and change is potential support We want GBPUSD to stay above that otherwise there's going to be problems But the fact is we've had long-legged candles each time we try to push higher. I'll be it Lower high. Sorry high. There's a high a higher high a higher high Let's see if that continues those CMC clients are pretty bearish 95% Sure, so we finish up there with the market calendar. You'll be able to see there that we've got business survey IFO data We do have CCI in the US then we've got the FOMC there on on Wednesday to look forward to And then a whole host of data there on Thursday as well So that gives you a bit of an idea of what to expect. Well guys, very good luck with your trading And join me again tomorrow to find out what happened next. Thank you very much and goodbye