FXCC MARKET UPDATE : 06.05.2013

2013-05-06 07:00 GMT EUR/USD still searching for direction after busy week of economic data After what was an extremely busy week of economic releases and central bank monetary policy meetings, the EUR/USD finished the week up 87 pips at 1.3116. The price action remains extremely choppy with neither side being able to sustain any follow through for a substantial amount of time. Many analysts are now wondering whether or not the “risk on” mentality which was boosted by the better than expected US Jobs data will have any follow through going into upcoming week and how will it influence the foreign exchange market. According to Kathy Lien of BK Asset Management, “Investors put on their rose colored glasses today and drove currencies and equities sharply higher on the back of stronger job growth in the month of April. At a time when other central banks like the ECB and BoJ are kick starting a new round of easing, the better than expected labor market report will keep the Fed comfortably on hold. The question now is whether the payroll driven rally in FX (and stocks) will last. With far less important data on the calendar next week, we think investors will remain optimistic.” - FXstreet.com 2013-05-06 13:00 GMT EU.ECB President Draghi's Speech 2013-05-06 14:00 GMT CA.Ivey Purchasing Managers Index (Apr) 2013-05-06 14:00 GMT CA.Ivey Purchasing Managers Index s.a (Apr) 2013-05-06 23:30 GMT AUD.AiG Performance of Construction Index (Apr) 2013-05-06 04:09 GMT EUR/USD still searching for direction after busy week of economic data 2013-05-06 03:18 GMT GBP/JPY notches highest close since August 2009 2013-05-06 01:44 GMT AUD/USD edges lower after weak Aussie retail sales number 2013-05-06 01:02 GMT NZD/USD edges higher in early Asia trade

AUDUSD 1.02841 / 849 NZDUSD 0.85457 / 467 USDCHF 0.93521 / 531 USDCAD 1.00729 / 736 GBPJPY 154.431 / 448 EURCHF 1.22702 / 712 GOLD 1476.71 / .06 SILVER 24.23 / .27

EURUSD HIGH1.31408 LOW1.31084 BID1.31214 ASK1.31219 CHANGE0.05% TIME08:16:42

OUTLOOK SUMMARY TREND CONDITION Downward penetration TRADERS SENTIMENT Bearish IMPLIED VOLATILITY Medium

MARKET ANALYSIS - Intraday Analysis Upwards scenario: Possibility of market strengthening is seen above the resistance level at 1.3156 (R1). Clearance here is required to validate next interim target at 1.3185 (R2) and any further rise would then be targeting mark at 1.3219 (R3). Downwards scenario: On the other hand, instrument retests our next support level at 1.3117 (S1) today. Market decline below it would create a stronger bearish sentiment and enable our interim target at 1.3084 (S2). Final support for today locates at 1.3057 (S3). Resistance Levels: 1.3156, 1.3185, 1.3219 Support Levels: 1.3117, 1.3084, 1.3057

GBPUSD HIGH1.55981 LOW1.55334 BID1.55812 ASK1.55823 CHANGE0.07% TIME08:16:42

OUTLOOK SUMMARY TREND CONDITION Up trend TRADERS SENTIMENT Bearish IMPLIED VOLATILITY Low

Upwards scenario: While price is quoted above the moving averages out technical outlook would be positive. Yesterday high offers next resistance level at 1.5598 (R1). Any price action above it would suggest next targets at 1.5629 (R2) and 1.5659 (S3). Downwards scenario: On the downside our attention is shifted to the immediate support level at 1.5573 (S1). Break here is required to enable bearish forces and expose our intraday targets at 1.5550 (S2) and 1.5522 (S3). Resistance Levels: 1.5598, 1.5629, 1.5659 Support Levels: 1.5573, 1.5550, 1.5522

USDJPY HIGH99.205 LOW99.06 BID99.095 ASK99.099 CHANGE0.1% TIME08:16:43

OUTLOOK SUMMARY TREND CONDITION Upward penetration TRADERS SENTIMENT Bullish IMPLIED VOLATILITY Low

Upwards scenario: Medium term bias remains positive however further market rise is limited now to the key resistive barrier at 99.27 (R1), clearance here is required to enable next resistances at 99.60 (R2) and last one at 99.88 (R3). Downwards scenario: On the short-term perspective the pair might encounter supportive measures at 98.97 (S1). Loss here might change intraday technical structure and opens the way for a test of 98.57 (S2) and 98.15 (S3) later on today. Resistance Levels: 99.27, 99.60, 99.88 Support Levels: 98.97, 98.57, 98.15

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