Daily Briefing : May 13, 2013

• EUR/USD - the pair is still trading below its 50 day and 100 day moving averages. The RSI is showing that the bias could be to the upside.
• USD/JPY - the price could be forming a Head and Shoulder pattern on a 30 minute time frame. The RSI is showing bias could be to the downside.
• GBP/USD - the price action has broken its upward channel briefly, which suggests the weakness in the price. However, the RSI suggests bias could be towards the upside.

• Asian Markets closed mostly lower on the first day of the week. However, the Nikkei index was the best performer amongst Asian markets, closing with a gain of 1.19%
• European stocks are retreating from their highs for this year. The IBEX is leading the losses and it is up by almost 1.18%.
• U.S. Indices closed at another record high on Friday. The NASDAQ was the best performer, closing with a gain of -0.82%.

• Euro area officials are meeting in Brussels to consider new ways to stimulate growth in the eurozone.
• Japanese stock markets closed at their highest level in over five years, fuelled by weakening yen and an improved profit outlook.
• Chinese economic data released on Monday showed mixed result; industrial production and fixed asset investment came under expectation but there was some improvement compared to March results.

• Always place stops as they are your biggest friends in trading

• Gold continued its slide on Monday as the U.S dollar became stronger, and the Chinese data came in mixed.
• Oil - The black gold is in a sideways pattern on a 30 minute time frame, before an important economic data release in the U.S.
• VIX - Volatility index increased on Friday by -4.11%.

USD – Core Retail Sales m/m

12:30 GMT
USD – Retail Sales m/m

22:45 GMT
NZD – Retail Sales q/q

Earnings

• Acciona
• UBI Banca

DISCLOSURE & DISCLAIMER: The Above Is For Informational Purposes Only And Not To Be Construed As Specific Trading Advice. Responsibility For Trade Decisions Is Solely With The Reader.

by Naeem Aslam