FXCC MARKET UPDATE 14.05.2013

2013-05-14 03:00 GMT Schäuble suggests revising EU treaties to make way for banking union German finance minister Wolfgang Schäuble told the Financial Times today that the banking union could not be completed without a modification of EU treaties. The process of changing them however could last several months or even years. According to Schäuble the existing treaties “do not suffice” to allow for forming a strong central resolution authority. Therefore he warned against making promises which the EU cannot keep, as they would directly affect its credibility. “The EU does not have coercive means to enforce decisions” Schäuble said. “What it has are responsibilities and powers defined by its treaties.” A change to the treaties would provide a better separation of the ECB's monetary and supervisory functions. The German finance minister is conscious that such changes might take a long time, so he proposed a two-step process consisting of a resolution mechanism based on a network of national authorities as well as a network of resolution funds. Even though Schäuble acknowledges that such a structure would not be trons enough in the long term, he believes that it would allow to buy time and create the base for reaching the final objective: a European banking union, which encompasses the entire interior market. -FXstreet.com   24h EMU. EcoFin Meeting 2013-05-14 06:00 GMT Germany. Consumer Price Index 2013-05-14 09:00 GMT Germany. ZEW Survey - Economic Sentiment 2013-05-14 09:30 GMT Australia. Budget Release   2013-05-14 04:28 GMT Look to get long EUR/JPY into support levels 2013-05-14 03:58 GMT EUR/USD still range bound ahead of busy economic calendar week 2013-05-14 03:46 GMT AUD/USD, outlook is bearish but be patient - RBS 2013-05-14 03:11 GMT GBP/USD completes ‘bear flag’ pattern on daily chart

AUDUSD 0.99880 / 888 NZDUSD 0.82941 / 954 USDCHF 0.95358 / 368 USDCAD 1.01011 / 019 GBPJPY 155.330 / 345 EURCHF 1.24075 / 085 GOLD 1442.51 / .82 SILVER 23.74 / .78

EURUSD HIGH1.30261 LOW1.29693 BID1.30029 ASK1.30033 CHANGE0.21% TIME08:33:12

OUTLOOK SUMMARY Up TREND CONDITION Upward penetration TRADERS SENTIMENT Bearish IMPLIED VOLATILITY Medium

MARKET ANALYSIS - Intraday Analysis Upwards scenario: Possibility of uptrend penetration is seen above the next resistance level at 1.3026 (R1). Clearance here might enable bullish pressure and let the price to achieve our intraday targets at 1.3044 (R2) and 1.3062 (R3). Downwards scenario: On the short-term perspective the pair might encounter supportive measures at 1.2992 (S1). Loss here might change intraday technical structure and opens the way for a test of 1.2971 (S2) and 1.2951 (S3) later on today. Resistance Levels: 1.3026, 1.3044, 1.3062 Support Levels: 1.2992, 1.2971, 1.2951

GBPUSD HIGH1.5331 LOW1.52939 BID1.53144 ASK1.53152 CHANGE0.1% TIME08:33:12

OUTLOOK SUMMARY Down TREND CONDITION Down trend TRADERS SENTIMENT Bullish IMPLIED VOLATILITY Medium

Upwards scenario: Possibility of market strengthening is seen above the immediate resistive barrier at 1.5334 (R1). Price extension above it is required to validate our next intraday targets at 1.5358 (R2) and 1.5383 (R3) Downwards scenario: On the other hand if the price manages to overcome our next support barrier at 1.5296 (S1), we expect to see further market decline towards to our target at 1.5272 (S2) and then next stop could be found at 1.5249 (S3) mark. Resistance Levels: 1.5334, 1.5358, 1.5383 Support Levels: 1.5296, 1.5272, 1.5249

USDJPY HIGH101.849 LOW101.365 BID101.439 ASK101.441 CHANGE-0.37% TIME08:33:13

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

Upwards scenario: Medium term bias remains positive however further market rise is limited now to the key resistive barrier at 101.78 (R1), clearance here is required to enable next resistances at 102.22 (R2) and last one at 102.67 (R3). Downwards scenario: Measures of support might be activating when the pair approaches the 101.21 (S1). If it continues to extend its weakening below it we expect next targets to be exposed at 100.77 (S2) and 100.35 (S3) later on. Resistance Levels: 101.78, 102.22, 102.67 Support Levels: 101.21, 100.77, 100.35

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