 Hi, good morning and welcome to these products and focus so most of the markets are waiting for the ECB session later on today to find out if There is in fact going to be any quantitative easing changes by the local government And also what stands to be happening next should there be any action from the eurozone Will any other regions also follow suit with some rumblings over in Japan and other areas as well Now what we've seen so far today is a bit of a sell-off in the Chinese stock market I had a 3% drop in the Shanghai composite index this morning and you can see here from the US 30 a very ugly technical candle right here To come at the top end of an uptrend We almost got to 17361 Only for it to fail and slip later on in the session and to work and sell off quite aggressively towards the end Now we have had a very modest bounce this morning What it feels very transitory in nature With 17 0 3 4 being an exponential support and not even our golden cross here on the moving averages Seem to be making that much of a difference in the short term Looking at the MACD you can see the histogram is slowly dropping with a negative cross on the MACD potentially in the cards And we're beginning to slowly see a turnover and the slow stochastic right here Getting closer and closer to that 80% level which would be a technical signal to sell in that instance So we'll see how things pan out later on today. There is a huge amount of economic data We'll come back to that in a second. So then looking at the UK 100 Similar picture, but perhaps even more ugly because there's these long-legged candles We've been talking about getting closer to 6300. We've not quite crossed over on those moving averages The MACD has almost crossed over and you can see here the slow stochastic is in fact already breaking through the 80% level So the UK 100 because of the continued pressure on commodity prices and the big exposure that UK 100 has to mining and oil Is slightly underperforming relative to the US market right now. So UK 100 approaching that significant support level More quickly than other markets. So looking at Japan 2 to 5 we had a positive day yesterday On the back of that pure export data from Japan Which basically meant that many traders were thinking that Japan is very very close to embarking on its own monetary stimulus measures We have managed a bit of positive event in this morning It has been higher capped for that 55 period SMA But 18 306 is the potential support to be aware of and obviously any negative news that comes out of the market right now Some markets will take bad news as good news so Moving on to dolly M. So dolly M ran at steam. I managed to get above 1976 and close above that off the session highs and now it's having a little bit of a Negative rally as people are buying the yen as a safe haven rather than selling the dollar because it's got any particular weakness involved there So a little bit more uncertainty today than there was yesterday as to what the world economies are gonna do next to prop up The extra spending and the retail customers and basically just kind of bring their economies back to life Especially with China still showing a little bit of weakness there They haven't pulled the trigger on any kind of stimulus measures as of yet and things are just kind of sputtering along right now So that's currently where we are with dollar yen wrong side of One nineteen seventy six continued weakness opens up a one nineteen spot zero So then moving on to West Texas crude, which is just slowly grinding lower at least we're below 45 85 this time But zooming into this a little bit more we're getting it We're getting ever closer to the tips of these candles here Probably round about just below forty four dollars. We're not quite there yet But we had a negative day yesterday It's slightly positive so far today, but this doesn't look particularly bullish first thing this morning Moving on to gold golds really does not Sprung back into life with uncertainty in the markets. You'd be thinking that gold would be going up with Global slowdown fears and a lack of interest rate hikes in the US you'd be thinking gold would be going up But the fact is we've got a bearish and gulfing pattern from yesterday completely Encompassing the previous green candle that we had there. We're on the wrong side of 1168 and We're still negative territory this morning. So 1157 is the next potential support You've got almost got a negative cross in the MACD and solicit the cast eggs So from a technical perspective gold doesn't look that hot either So let's move on to your dollar your dollars not doing anything. It's been flat the last four sessions It's probably waiting for this ECB session to get out of the way Later on after we have the entry announcement There's also a press statement a press release that comes and then people be looking for clues as to what the ECB is going to do Next if anything So looking at the GBP USD It seems to be getting stuck between the sloping potential resistance line and the 21 period SMA We do have a bearish Cross and the slowest to cast it is just going through the 80% level right now and the MACD is just over the zero line And the histogram is flattening out meaning we might get a negative crossover soon I think that this does sell off. It will be it will be a technical breakout with one spot 51 85 being an exponential support But that depends on the macro data. Let's talk about what's coming today So 9 30 UK time you got UK retail sales beg if you're looking to trade any GBP denominated FX pair then you obviously have the ECB announcement 12 45 That's the finance rate, but I will also coincide with the actual statement Which is a pre-prepared statement from the ECB which might have any details of the ECB's view on the European economies and if they're actually going to do anything to try and Kind of add extra a little bit of life into those markets But they really want to save those For when they really need them and the question is are things bad enough in the eurozone and they don't feel that bad to be honest To justify more stimulus measures will be here. Then we've got unemployment claims in the US 130 You've got consumer confidence index for the eurozone at 3 p.m. UK time And then finishing up with existing home sales also at 3 in the US Finishing up there with Friday. You've got German PMI and eurozone PMI to round up the end of the week So guys keep your eyes on the chart forum make insights part of your leg going forward and join me again tomorrow to find out What happened next?