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Goldman Sachs - The Charts That Matter

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					                                                                                            SECURITIES DIVISION




 GS Techs
 The Charts That Matter Next Week


 Thursday 9th May 2013




Prepared by a Goldman Sachs sales and trading desk, which may have a position in
the products mentioned that is inconsistent with the views expressed in this material. In
evaluating this material, you should know that it could have been previously provided to
other clients and/or internal Goldman Sachs personnel, who could have already acted
on it. The views or ideas expressed here are those of the desk and/or author only and
are not an “official view” of Goldman Sachs; others at Goldman Sachs may have
opinions or may express views that are contrary to those herein. This material is not
independent advice and is not a product of Global Investment Research. This material
is a solicitation of derivatives business generally, only for the purposes of, and to the
extent it is subject to, §§ 1.71 and 23.605 of the U.S. Commodity Exchange Act.
                                                                                               Spotting themes in the market place…

                                                                                                                                                                                   This percentage change scatter chart helps us to
                                                                                                                                                                                     identify where trends in the FX market are
                                                                                                                                                                                    extending or turning on a week on week basis

                                                                                                                                                                                       Performance vs Anchor Currency – In this case the
                                                                                                                                                                                        performance of all currencies is displayed vs the USD with
                                                                                                                                                                                        the exception of PLN, CZK, HUF, SEK and NOK which are
                                                                                                                                                                                        tracked vs the EUR
                                                                                                                                                                                       First Across and then Up or Down – The %age change last
                                                                                                                                                                                        week is displayed on the x-axis and the %age change so
                                                                                                                                                                                        far this week is displayed on the y-axis
                                                                                                                                                                                       Displayed as if the Base Currency – If a currency shows a
                                                                                                                                                                                        positive %age change it means it strengthened vs its
                                                                                                                                                                                        anchor currency (USD/XZY or EUR/XZY fell) if a currency
                                                                                                                                                                                        shows a negative %age change it means it weakened vs its
                                                                                                                                                                                        anchor currency (USD/XZY or EUR/EYZ rallied)
                                                                                                                                                                                       Four Quadrants – Top right is “Strong and Stronger”
                                                                                                                                                                                        where a currency has strengthened for both of the past
                                                                                                                                                                                        two weeks, bottom right is “Strong then Weak” where a
                                                                                                                                                                                        currency strengthened last week but weakened this week,
                                                                                                                                                                                        bottom left is “Weak and Weaker” where a currency
                                                                                                                                                                                        weakened for both of the past two weeks and top left is
                                                                                                                                                                                        “Weak then Strong” where a currency weakened last
                                                                                                                                                                                        week but strengthened this week
                                                                                                                                                                                       Trending or Turning – Simplistically speaking if a currency
                                                                                                                                                                                        appears in the top right quadrant it indicates it’s trending
                                                                                                                                                                                        higher and if a currency appears in the bottom left it
                                                                                                                                                                                        indicates it’s trending lower. If it appears in the bottom
                                                                                                                                                                                        right it is turning lower and if it appears in the top left it is
                                                                                                                                                                                        turning higher
                                                                                                                                                                                       A chart of this type will now be included most weeks.
                                                                                                                                                                                        We’re very open to suggestions of possible future
   Chart as of: Thursday 9th May 2013                                                                                                                                                   “topics” for the “TOT to TRACK”.

FX and Rates Strategies   Goldman Sachs does not provide accounting, tax or legal advice; such matters should be discussed with your advisors and or counsel. This material is intended for illustrative
                          purposes only and is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and is no indication (implied or express)
                                                                                                                                                                                                               Past performance is not an indicator of future
                                                                                                                                                                                                               results. Future returns are not guaranteed,      1
From the Trading Desk     as to the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.                      and a loss of original investment may occur.
                                                                             A quick overview of the technical outlook…




   Data from Bloomberg as of Thursday 9th May 2013
FX and Rates Strategies   Goldman Sachs does not provide accounting, tax or legal advice; such matters should be discussed with your advisors and or counsel. This material is intended for illustrative
                          purposes only and is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and is no indication (implied or express)
                                                                                                                                                                                                               Past performance is not an indicator of future
                                                                                                                                                                                                               results. Future returns are not guaranteed,      2
From the Trading Desk     as to the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.                      and a loss of original investment may occur.
                                                                           A quick overview of the technical outlook…




   Data from Bloomberg as of Thursday 9th May 2013
FX and Rates Strategies   Goldman Sachs does not provide accounting, tax or legal advice; such matters should be discussed with your advisors and or counsel. This material is intended for illustrative
                          purposes only and is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and is no indication (implied or express)
                                                                                                                                                                                                               Past performance is not an indicator of future
                                                                                                                                                                                                               results. Future returns are not guaranteed,      3
From the Trading Desk     as to the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.                      and a loss of original investment may occur.
                                                                           A quick overview of the technical outlook…




   Data from Bloomberg as of Thursday 9th May 2013
FX and Rates Strategies   Goldman Sachs does not provide accounting, tax or legal advice; such matters should be discussed with your advisors and or counsel. This material is intended for illustrative
                          purposes only and is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and is no indication (implied or express)
                                                                                                                                                                                                               Past performance is not an indicator of future
                                                                                                                                                                                                               results. Future returns are not guaranteed,      4
From the Trading Desk     as to the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.                      and a loss of original investment may occur.
                                                                                 A quick overview of the technical outlook…




   Data from Bloomberg as of Thursday 9th May 2013
FX and Rates Strategies   Goldman Sachs does not provide accounting, tax or legal advice; such matters should be discussed with your advisors and or counsel. This material is intended for illustrative
                          purposes only and is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and is no indication (implied or express)
                                                                                                                                                                                                               Past performance is not an indicator of future
                                                                                                                                                                                                               results. Future returns are not guaranteed,      5
From the Trading Desk     as to the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.                      and a loss of original investment may occur.
                                                                     Markets which could be the next big story…

                     Is USDCAD in the process of forming a structural base?                                                                     Is USDINR preparing to break lower from a large topping structure?




          The market has corrected sharply lower over the past week and the bullish-USDCAD                                                    Bullish-EURCZK had been highlighted as a potential developing theme for a number of
           Favourite Tactical Theme was closed on Monday as a reflection of signals the ST retrace                                              weeks but the inability of the market to build on the upside break from the recent range
           could run further. From a structural perspective however little seems to have materially                                             made three weeks ago, culminating in a bearish weekly reversal last week, argues this is
           changed; (i) USDCAD itself still appears to be in the process of forming a significant base                                          not a theme worth notable focus at this stage “it didn’t go up when it was supposed to”.
           and (ii) commodities – in particular crude which theoretically likely has notable
                                                                                                                                               Focus has therefore been shifted to bearish-USDINR. This is a chart and potential story
           implications fro CAD on a MT/LT basis – look heavy which from a correlations perspective
           could well over time be linked to under-performance of CAD. Overall, it should be                                                    discussed regularly over recent months. For a number of reasons; multi-year channel
           attractive to look at establishing bullish USDCAD exposure when an attractive risk/reward                                            resistance hold, potential multi-year H&S top, 76.4% retraces against the trend highs and
           setup develops.                                                                                                                      falling commodities which should arguably be INR +ve, it seems attractive to look for an
                                                                                                                                                eventual downside break on USDINR, possibly targeting ~50. Uptrend pivot at 53.85.
FX and Rates Strategies      Goldman Sachs does not provide accounting, tax or legal advice; such matters should be discussed with your advisors and or counsel. This material is intended for illustrative
                             purposes only and is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and is no indication (implied or express)
                                                                                                                                                                                                                  Past performance is not an indicator of future
                                                                                                                                                                                                                  results. Future returns are not guaranteed,      6
From the Trading Desk        as to the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.                      and a loss of original investment may occur.
                          Are USDJPY and EURJPY forming classic bullish triangles?..

           USDJPY could well be forming wave-e (the final stage of its triangle)                                                                                 EURJPY appears to have a very similar structure




          The pivot to watch should be the downtrend from 10th Apr. at 99.81. A daily close above                                             The pivots to watch should be 130.28/128.54. A daily close break above or below (with an
           there should give a triangle projection target of 104.07.                                                                            upside break being the clear preferred outcome given underlying structures and the
                                                                                                                                                relatively risk +ve environment across asset classes) should give a target 5.98 big figures
          Important levels to watch above should be the psychological 100 and then 101.25-101.67                                               from the break point, so 136.26 or 122.56 if the break took place today (Thursday).
           (where notable lows from Nov. ‘99 and Jan. ‘05 are converged with the interim high from
           Apr. ‘09).
          On the downside 98.74-98.57 should act as support (where the 21-dma and centre of the
           recent triangle like consolidation are currently converged).


FX and Rates Strategies      Goldman Sachs does not provide accounting, tax or legal advice; such matters should be discussed with your advisors and or counsel. This material is intended for illustrative
                             purposes only and is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and is no indication (implied or express)
                                                                                                                                                                                                                  Past performance is not an indicator of future
                                                                                                                                                                                                                  results. Future returns are not guaranteed,      7
From the Trading Desk        as to the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.                      and a loss of original investment may occur.
                          Fitting with this is USDJPY vol. about to head higher again?..

         In early-Jan. 1-month completed a double bottom to target 16.07 vols                                                                                   3-month vol. also has a potentially bullish setup




          Importantly that target was never hit (the Apr. high being at 14.51). This begs the                                                 Although the market hasn’t formed the near perfect double bottom like pattern of 1-
           question whether the market is now re-testing the neckline as support at 11.16 (i.e. the                                             month, the prior interim high from Mar. ‘12 at 11.31 has repeatedly acted as support over
           Mar. ‘12 high) before beginning another material up move towards the 16.07 target.                                                   recent weeks.
                                                                                                                                               Zooming into the daily chart the market is now attempting to post a daily hammer
                                                                                                                                                pattern against the 76.4% retrace of the 2nd/7th May rise at 11.45 (low so far on Thursday
                                                                                                                                                11.4375). If vol. started to rise again from here it would be pretty interesting.
                                                                                                                                               First confirmation of a low in place likely to be given by a daily close above the interim
                                                                                                                                                high from 7th May at 12.1625.

FX and Rates Strategies      Goldman Sachs does not provide accounting, tax or legal advice; such matters should be discussed with your advisors and or counsel. This material is intended for illustrative
                             purposes only and is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and is no indication (implied or express)
                                                                                                                                                                                                                  Past performance is not an indicator of future
                                                                                                                                                                                                                  results. Future returns are not guaranteed,      8
From the Trading Desk        as to the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.                      and a loss of original investment may occur.
                          Interesting things going on in JGB yields too?...

         20-year yields break higher from their recent triangle like consolidation                                                                         1.50-1.52% should be important on a weekly close basis




          This should give an initial projection target of 1.607%.                                                                             This is where the major low from Aug. ‘10 and interim low from Jul. ‘12 are converged.
          Confidence in the idea of higher yields to come would likely increase with a clean daily                                             A weekly close materially above would appear to give a significant upside break.
           close above the interim high from 17th Apr. at 1.522%.




FX and Rates Strategies       Goldman Sachs does not provide accounting, tax or legal advice; such matters should be discussed with your advisors and or counsel. This material is intended for illustrative
                              purposes only and is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and is no indication (implied or express)
                                                                                                                                                                                                                   Past performance is not an indicator of future
                                                                                                                                                                                                                   results. Future returns are not guaranteed,      9
From the Trading Desk         as to the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.                      and a loss of original investment may occur.
                          EURUSD consolidates within its recent range…

         Bias that risks are mildly skewed toward a push > 1.3202-43 resistance                                                                                 Next major pivot area above then 1.3482-1.3522




          As discussed last week recent developments, in particular Apr.’s bullish monthly reversal                                           This is where the 76.4% retrace of the Jan./Apr. drop and the downtrend from the May
           and the narrowing in core/periphery spreads, has likely tipped the ST outlook into mildly                                            ‘11 high are converged.
           positive territory. Put more simply, the chances of some further upside in EURUSD,
                                                                                                                                               Over the next three weeks the downtrend will converge on the 76.4% retrace at ~1.3482.
           potentially towards ~1.35 (where the next notable LT resistance comes in as highlighted
           opposite) have probably increased.
          The key to confirming this is likely to be a daily close (5pm NY basis) above the highs of
           the recent consolidation which run 1.3202-1.3243 (peaks from 16th Apr. and 1st May).



FX and Rates Strategies      Goldman Sachs does not provide accounting, tax or legal advice; such matters should be discussed with your advisors and or counsel. This material is intended for illustrative
                             purposes only and is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and is no indication (implied or express)
                                                                                                                                                                                                                  Past performance is not an indicator of future
                                                                                                                                                                                                                  results. Future returns are not guaranteed,      10
From the Trading Desk        as to the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.                      and a loss of original investment may occur.
                          Spread basket still implies higher levels…

                                                                                                                                                                                      As first used last week this chart shows in blue
                                                                                                                                                                                      EURUSD spot and in green an equally weighted
                                                                                                                                                                                     basket of the Germany/U.S. and Germany/“Large
                                                                                                                                                                                                     Periphery” spreads

                                                                                                                                                                                          As discussed previously it aims to remove the necessity to
                                                                                                                                                                                           decide which of the two spreads is the more important
                                                                                                                                                                                           driver at any point in time by blending them.
                                                                                                                                                                                          From purely a visual comparison perspective (with the
                                                                                                                                                                                           base set to late-Apr. ‘11) the basket currently implies
                                                                                                                                                                                           something closer to ~1.35 as “fair value” for EURUSD spot.




FX and Rates Strategies      Goldman Sachs does not provide accounting, tax or legal advice; such matters should be discussed with your advisors and or counsel. This material is intended for illustrative
                             purposes only and is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and is no indication (implied or express)
                                                                                                                                                                                                                  Past performance is not an indicator of future
                                                                                                                                                                                                                  results. Future returns are not guaranteed,      11
From the Trading Desk        as to the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.                      and a loss of original investment may occur.
                          There’s one issue which could however make it “slow going”…

                                      Both the Germany/U.S. and Germany/Large Periphery spreads have moved a little against the EUR this week




          The Germany/U.S. spread basket has dipped back towards the base of its old range                                                    From last week's close Core/Periphery spreads have "widened" (i.e. the Large Periphery
           (moving ~8bps in the USD’s favour from the 1st May extreme).                                                                         yields have increased on average vs German 10-year yields) by ~8bps.

          This brings back the question of whether EURUSD will over time naturally “close the gap” toward where the various other historically correlated markets imply it “should” trade, or whether the
           theoretical catalyst of the various spreads continuing to move in its favour is a pre-requisite for it to move toward where they imply is “fair value” with these base dates. This isn’t really the
           forum for discussing the answer to this question in detail, but it certainly seems something to bear in mind, particularly when considering the pace of any uptrend in EURUSD which does
           ultimately begin to develop. What it may theoretically take is another “cross asset” or “external” catalyst to make the market re-focus on the levels implied by the spreads and then shift
           towards them.


FX and Rates Strategies      Goldman Sachs does not provide accounting, tax or legal advice; such matters should be discussed with your advisors and or counsel. This material is intended for illustrative
                             purposes only and is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and is no indication (implied or express)
                                                                                                                                                                                                                  Past performance is not an indicator of future
                                                                                                                                                                                                                  results. Future returns are not guaranteed,      12
From the Trading Desk        as to the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.                      and a loss of original investment may occur.
                          Looking at some of the Eurozone markets individually…

              German 10-year yields for now base just above their prior lows                                                                 French 10-year yields yet to break above their 21-dma but look stretched




          Last week’s low at 1.153% was set only a few basis points above the all time low from 23rd
           Jul. ‘12 at 1.126%. As yields moved into that low they were getting towards extreme                                                 As of Wednesday’s close they had made 55 consecutive daily closes below their 21-dma,
           territory in terms of the number of consecutive daily closes which had been set below the                                            slightly more than the 47 set as yields began to base in late-Sep. ’11. From that prior
           21-dma; 51 as of last Thursday vs the prior extreme of 50 set as yields based in early-Jun.                                          extreme yields eventually corrected very sharply higher, filling the entire gap to the 200-
           ‘12. This was something missed in last week’s update and was likely a good warning that a                                            dma (currently at 2.09%) and eventually moving significantly above.
           direct break below the all time low at 1.126% was unlikely.
                                                                                                                                               Looking at classic techs, the price action since the interim low of 1.712% set on 8th Apr.
          Since last Thursday’s low yields have bounced sharply to break higher from the bearish                                               looks quite “wedge” like too (usually a warning of trend exhaustion and increased risk of
           channel within which they had effectively been trading since the 30th Jan. peak at 1.734%                                            a notable upside correction developing).
           and also above their 21-dma. Overall this likely argues that at least a period of
           consolidation is now possible if not some further recovery in yields (55-dma at 1.34%).                                             Overall it seems an important time to watch for signs of yields basing.

FX and Rates Strategies      Goldman Sachs does not provide accounting, tax or legal advice; such matters should be discussed with your advisors and or counsel. This material is intended for illustrative
                             purposes only and is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and is no indication (implied or express)
                                                                                                                                                                                                                  Past performance is not an indicator of future
                                                                                                                                                                                                                  results. Future returns are not guaranteed,      13
From the Trading Desk        as to the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.                      and a loss of original investment may occur.
                           Italian yields so far find it difficult to sustain < 3.88-3.82% pivot…

                          Intra-month low of 3.679% but now back at 3.878%                                                                             Also need to keep an eye on the Italy/Germany 10-year spread




          How price action develops around this point likely will be important given that, with the                                              The recent low and that from Jan. this year were set very close to three notable supports;
           exception of Sep. ‘05 when yields fell to a low of 3.179%, post the EUR’s inception in Jan.                                             (i) a possible ABC equality target taken from the Jan. 12 wides, (ii) channel support off the
           ‘99 all notable cyclical yields lows have been set in a 3.88-3.82% range.                                                               same point and (iii) the 200-wma.




FX and Rates Strategies         Goldman Sachs does not provide accounting, tax or legal advice; such matters should be discussed with your advisors and or counsel. This material is intended for illustrative
                                purposes only and is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and is no indication (implied or express)
                                                                                                                                                                                                                     Past performance is not an indicator of future
                                                                                                                                                                                                                     results. Future returns are not guaranteed,      14
From the Trading Desk           as to the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.                      and a loss of original investment may occur.
                          The MIB moves into an important pivot resistance area…

                 Four notable resistance points are converged 17,053-17,294                                                                  Underlying setup looks +ve, aided by a bullish monthly reversal in Apr.




          This region encompasses the interim highs from Oct. ‘11/Mar. ‘12, downtrend from the                                                The last such bullish monthly pattern was posted in Jul. ‘05 and although in an
           Feb. ‘11 peak and 76.4% retrace of the Jan./Apr. ‘13 pull back.                                                                      overlapping fashion the market ultimately trended significantly higher afterwards.
          The market isn’t particularly over bought in weekly oscillator terms as it approaches this                                          As a reminder the relatively constructive bias expressed in recent updates mainly stems
           area so there should be a decent chance it can build enough momentum to break above.                                                 from the fact that the Jul. ‘12 low at 12,296 was set only very slightly below the prior low
           If achieved that should in turn open a test of the 200-wma up at 18,610, with the prior                                              from Mar. ‘09 at 12,332 (so marginal that it doesn’t even show on a monthly chart). While
           recovery high from Jan. ‘13 at 17,983 as resistance on the way.                                                                      a long way from completing this introduces the possibility that over time the market can
                                                                                                                                                form a large double bottom like structure against the multi-year cycle lows.



FX and Rates Strategies      Goldman Sachs does not provide accounting, tax or legal advice; such matters should be discussed with your advisors and or counsel. This material is intended for illustrative
                             purposes only and is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and is no indication (implied or express)
                                                                                                                                                                                                                  Past performance is not an indicator of future
                                                                                                                                                                                                                  results. Future returns are not guaranteed,      15
From the Trading Desk        as to the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.                      and a loss of original investment may occur.
                          EURCHF has come back into focus…

             On the daily chart 1.2387-1.2409 looks the pivot region to watch                                                                        On the longer-term chart a case for a larger base can be made




          As discussed a couple of weeks ago this region encompasses the interim highs from 13th                                              When the market first closed above its 55-wma back in Sep. last year it did so after a run
           Feb./8th Mar. and a potential channel-resistance/ABC-target projected from the 26th Feb.                                             of nearly 3-years of consecutive weekly closes below this particular moving average
           low. It appears quite possible this area is tested, the big question will be whether the                                             (something normally seen prior to significant turns in trend developing). Once the
           market can make a clean close above it to bring the longer-term chart back into play - a                                             eventual break above the 55-wma takes place markets often correct to their 200-wma,
           peak against ~1.24 would start to warn of yet another failed attempt to rally.                                                       which is yet to take place here, the 200-wma currently stands up at 1.2984.
                                                                                                                                               The first clear confirmation of a larger basing structure in place should be a weekly close
                                                                                                                                                above the interim high from Oct. ‘11 at 1.2475. To highlight it’s importance the market
                                                                                                                                                tried and failed to stabilise above this level for three consecutive weeks in Jan. this year.


FX and Rates Strategies      Goldman Sachs does not provide accounting, tax or legal advice; such matters should be discussed with your advisors and or counsel. This material is intended for illustrative
                             purposes only and is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and is no indication (implied or express)
                                                                                                                                                                                                                  Past performance is not an indicator of future
                                                                                                                                                                                                                  results. Future returns are not guaranteed,      16
From the Trading Desk        as to the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.                      and a loss of original investment may occur.
                          Correlated market links remain strong…

                                                                                                                                                                                              The links with EURUSD and peripheral
                                                                                                                                                                                               markets/spreads remain important

                                                                                                                                                                                         This chart shows EURCHF spot in green, EURUSD spot in
                                                                                                                                                                                          blue, the Germany/Italy 10-year yield spread in red and
                                                                                                                                                                                          the Italian Benchmark Equity Index (MIB) in pink.
                                                                                                                                                                                         At this point the Germany/Italy spread and MIB imply
                                                                                                                                                                                          levels close to ~1.24, where as EURUSD spot implies lower
                                                                                                                                                                                          levels.
                                                                                                                                                                                         As with EURUSD vs its various correlated asset markets
                                                                                                                                                                                          this leaves different factors pulling and pushing EURCHF
                                                                                                                                                                                          in varying directions and probably as a result helps
                                                                                                                                                                                          explain the somewhat erratic price action.
                                                                                                                                                                                         Overall, in particular if EURUSD rallies a little further as
                                                                                                                                                                                          seems possible over time, it seems there is evidence to
                                                                                                                                                                                          think EURCHF should at least test the top of the range
                                                                                                                                                                                          around 1.24.




FX and Rates Strategies     Goldman Sachs does not provide accounting, tax or legal advice; such matters should be discussed with your advisors and or counsel. This material is intended for illustrative
                            purposes only and is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and is no indication (implied or express)
                                                                                                                                                                                                                 Past performance is not an indicator of future
                                                                                                                                                                                                                 results. Future returns are not guaranteed,      17
From the Trading Desk       as to the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.                      and a loss of original investment may occur.
                          Worth watching HUF giving what’s going on with EURCHF?..

                  EURHUF could be viewed as having completed an H&S top                                                                                             Also worth keeping a close eye on CHFHUF




          Wednesday’s close was below the neckline at 295, a sustained push below the 15th Apr.                                              The combination of higher-EURCHF and lower-EURHUF is pushing CHFHUF towards its
           low at 293.25 should theoretically confirm a projection target of 277.56. Next                                                      converged 55-wma and primary uptrend from Jul. ’08; 238.54-237.64. A weekly close
           support/pivot to watch converged 200-dma/poss. ABC-equality projection; 289.25-                                                     below could be pretty significant (200-wma is down at 218.44, ~8% below).
           288.19.




FX and Rates Strategies     Goldman Sachs does not provide accounting, tax or legal advice; such matters should be discussed with your advisors and or counsel. This material is intended for illustrative
                            purposes only and is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and is no indication (implied or express)
                                                                                                                                                                                                                 Past performance is not an indicator of future
                                                                                                                                                                                                                 results. Future returns are not guaranteed,      18
From the Trading Desk       as to the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.                      and a loss of original investment may occur.
                          GBP’s been out of the lime light, overall –ve bias from here…

         EURGBP appears to be stabilising just above support centred on ~0.84                                                            GBPUSD so far holding below notable (widening) pivot area; 1.5521-1.5672




          First confirmation would likely be given by a push above the converged 100-/21-dmas and                                             This region encompasses the 100-dma, 50% retrace of the 2nd Jan/12th Mar drop and poss.
           interim high from 1st May; 0.8479-0.8498.                                                                                            channel resistance off the Mar. low; 1.5521-1.5672. First confirmation of a notable top in
                                                                                                                                                place would likely be generated by a push below the converged 11th Apr. high and 21-
          Daily oscillators are attempting to turn higher from close to the base of the recent range                                           dma; 1.5412 (currently at exactly the same level).
           with a little +ve divergence in place against the recent marginal new lows.
                                                                                                                                               Thinking bigger picture and with other linked/correlated markets in mind, while the
                                                                                                                                                underlying setup on GBPUSD does still look –ve due to the break lower from a multi-year
                                                                                                                                                triangle like consolidation, it’s difficult to see the market moving meaningfully lower
                                                                                                                                                imminently due to the recent positive EURUSD signals. GBP negativity is therefore
                                                                                                                                                probably best focussed on EURGBP for now.
FX and Rates Strategies      Goldman Sachs does not provide accounting, tax or legal advice; such matters should be discussed with your advisors and or counsel. This material is intended for illustrative
                             purposes only and is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and is no indication (implied or express)
                                                                                                                                                                                                                  Past performance is not an indicator of future
                                                                                                                                                                                                                  results. Future returns are not guaranteed,      19
From the Trading Desk        as to the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.                      and a loss of original investment may occur.
                          The other big G10 focus of the week has been the Antipodeans…

         AUDUSD has closed below 1.0226-21 support but has made little follow through and there’s the risk of +ve daily divergence above the 1.0116 range lows




          To maintain a reasonable probability of downside momentum developing the market                                                    The weekly chart really says it all about how long the recent consolidation has gone on.
           now really needs to sustain below 1.0221-26 on a daily 5pm NY close basis. A close back                                             Put simply the underlying message is the same as in prior weeks; it’s probably dangerous
           above this area would likely indicate bearish momentum has been lost and enable                                                     to get too excited about a bigger trend developing in either direction until a clean weekly
           positive daily oscillator divergence to develop against the recent marginal new lows.                                               close basis break either side of the recent 1.0625-1.0116 range is achieved.
          Overall, it’s not completely “obvious” that AUDUSD is going to break lower from it’s                                               The initial range projection target on a break should be ~5 big figures (i.e. the height of
           bigger ~1.06-1.01 range quite yet.                                                                                                  the consolidation) from the break point. To relatively confidently remove the risk of a
                                                                                                                                               bullish triangle consolidation ultimately forming/completing a clean break through the
          On the downside focus is now very much on the pivot support region formed by the                                                    converged 200-wma/uptrend from the Oct. ‘11 low; 0.9862-0.9859 is probably need too.
           converged interim lows from Jul. ‘12 onwards; 1.0170-1.0116.

FX and Rates Strategies     Goldman Sachs does not provide accounting, tax or legal advice; such matters should be discussed with your advisors and or counsel. This material is intended for illustrative
                            purposes only and is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and is no indication (implied or express)
                                                                                                                                                                                                                 Past performance is not an indicator of future
                                                                                                                                                                                                                 results. Future returns are not guaranteed,      20
From the Trading Desk       as to the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.                      and a loss of original investment may occur.
                          NZDUSD is a similar story, bearish sentiment but still > support…

                     Holds initial daily chart support running 0.8390-0.8360                                                                  Weekly chart does also look tired, but still significantly above support




          This region is where the 55-/100-dmas and 23rd Apr. low are converged, the market made                                              The rally from late Jun. ‘12 onwards has been on very poor momentum and has so far
           no real break below this region on Wednesday at all, the intraday low being set at 0.8360                                            peaked around notable resistance running 0.8556-0.8666 (converged poss. ABC-equality
           (exactly on the 23rd Apr. trough).                                                                                                   target and channel resistance off the Nov. ‘11 low). Coupled with the poor oscillator
                                                                                                                                                setup this does warn that ultimately the grinding rally will culminate with another higher
          The equal 8th May/23rd Apr. lows prevents textbook +ve oscillator divergence from                                                    momentum fall, but so far there are no confirmed signals that down move is necessarily
           developing, otherwise it would likely have formed (similar to AUDUSD).                                                               likely to develop from current levels.
                                                                                                                                               Put simply from a tactical standpoint a sell-rallies approach, i.e. in anticipation of an
                                                                                                                                                eventual downside turn, rather than jumping in at the lows, is probably appropriate.


FX and Rates Strategies      Goldman Sachs does not provide accounting, tax or legal advice; such matters should be discussed with your advisors and or counsel. This material is intended for illustrative
                             purposes only and is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and is no indication (implied or express)
                                                                                                                                                                                                                  Past performance is not an indicator of future
                                                                                                                                                                                                                  results. Future returns are not guaranteed,      21
From the Trading Desk        as to the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.                      and a loss of original investment may occur.
                          The AUD and NZD Broad Indices(*) give a similar message…

          The AUD Index dipped below support but unable to sustain the break                                                                              NZD’s Index holds a similarly notable pivot support area




          Wednesday’s close at 117.44 was marginally below the converged 76.4% retrace of the                                                 Four notable supports are converged on ~112.50; uptrend from the 25th Dec. ‘12 low, 55-
           11th Feb./25th Mar. rally and uptrend from the 5th Oct. ‘12 low; 117.58-117.53, but there                                            dma, interim low from 12th Apr. and interim high from 14th Feb.. So far the market hasn’t
           was no follow through and daily oscillators are already significantly oversold.                                                      been able to make a daily close below this region.
          Overall not a setup which argues there’s a high probability of/or attractive risk/reward                                            If a clear downside break was to develop the initial target would seem quite clear; there’s
           associated with looking for immediate downside.                                                                                      a reasonably large gap down to the 200-dma (~3% below).




FX and Rates Strategies      Goldman Sachs does not provide accounting, tax or legal advice; such matters should be discussed with your advisors and or counsel. This material is intended for illustrative
                             purposes only and is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and is no indication (implied or express)
                                                                                                                                                                                                                  Past performance is not an indicator of future
                                                                                                                                                                                                                  results. Future returns are not guaranteed,      22
From the Trading Desk        as to the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.                      and a loss of original investment may occur.
                          The multi-year NZD/Broad Index(*) chart is pretty interesting…

                                                                                                                                                                                         The index recently made a marginal new multi-
                                                                                                                                                                                          year high above the peak from Mar. ’97 but it
                                                                                                                                                                                         failed to make any real follow through and has
                                                                                                                                                                                                      since corrected lower

                                                                                                                                                                                          If clear/confirmed –ve patterns did as a result start to
                                                                                                                                                                                           develop on the shorter term charts they would therefore
                                                                                                                                                                                           likely be pretty significant.




FX and Rates Strategies      Goldman Sachs does not provide accounting, tax or legal advice; such matters should be discussed with your advisors and or counsel. This material is intended for illustrative
                             purposes only and is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and is no indication (implied or express)
                                                                                                                                                                                                                  Past performance is not an indicator of future
                                                                                                                                                                                                                  results. Future returns are not guaranteed,      23
From the Trading Desk        as to the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.                      and a loss of original investment may occur.
                          Also keeping a very close eye on AUDUSD 1-month imp. vol…

                                                                                                                                                                                         It’s in a very clearly defined horizontal range,
                                                                                                                                                                                           formed between very similar levels to the
                                                                                                                                                                                        consolidation/basing pattern which developed
                                                                                                                                                                                                      from Jul. ‘06 to Jul. ‘07

                                                                                                                                                                                         Given the extended period the spot market has been
                                                                                                                                                                                          range bound for and the very low level of implied vol. (at
                                                                                                                                                                                          least by recent standards) any break from the range on
                                                                                                                                                                                          spot would seem likely to be linked to a rise in vol.
                                                                                                                                                                                          (probably more meaningfully if the break is towards a
                                                                                                                                                                                          weaker-AUD, but either way it seems vol. would likely rise
                                                                                                                                                                                          at least initially).
                                                                                                                                                                                         With this in mind it’s very interesting that 1-month
                                                                                                                                                                                          implied vol. itself has formed such a tight/clear range with
                                                                                                                                                                                          very similar “boundaries” to that which developed from
                                                                                                                                                                                          Jul. ’06 to Jul. ’07 - the eventual break from which
                                                                                                                                                                                          marked the beginning of a big turn in the vol. market.
                                                                                                                                                                                         To make a “perfect” historic comparison, it’s worth noting
                                                                                                                                                                                          that the ‘06/’07 consolidation lasted for pretty much a
                                                                                                                                                                                          year, if the same thing were to happen here it would
                                                                                                                                                                                          arguably mean the market staying in a relatively low-vol.
                                                                                                                                                                                          environment until ~Oct. this year. Something to keep in
                                                                                                                                                                                          mind if AUDUSD continues to lack the momentum to
                                                                                                                                                                                          generate a clean break from the ~1.01/1.06 range for the
                                                                                                                                                                                          time being.




FX and Rates Strategies     Goldman Sachs does not provide accounting, tax or legal advice; such matters should be discussed with your advisors and or counsel. This material is intended for illustrative
                            purposes only and is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and is no indication (implied or express)
                                                                                                                                                                                                                 Past performance is not an indicator of future
                                                                                                                                                                                                                 results. Future returns are not guaranteed,      24
From the Trading Desk       as to the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.                      and a loss of original investment may occur.
                          The other issue is surprise stabilisation signals on commods…

                                                                                                                                                                                       Copper last week closed back above the prior
                                                                                                                                                                                       interim low from Jun. ‘12 at 7,219 and weekly
                                                                                                                                                                                      oscillators have turned up from the base of their
                                                                                                                                                                                                         recent range

                                                                                                                                                                                          This warns of a more protracted period of consolidation
                                                                                                                                                                                           developing, but likely still within the context of a longer-
                                                                                                                                                                                           term bearish outlook given the large H&S topping
                                                                                                                                                                                           structure which still appears to be in place.
                                                                                                                                                                                          Put simply a more extended period of consolidation /
                                                                                                                                                                                           deeper retrace than was originally expected is quite
                                                                                                                                                                                           possible, but, ultimately the market should still be a “sell
                                                                                                                                                                                           on rallies”.
                                                                                                                                                                                          The next notable weekly chart resistance area looks to be
                                                                                                                                                                                           7,736-7,869 where the 21-/55-/200-wmas and old
                                                                                                                                                                                           uptrend/triangle support now resistance from the Oct. ‘10
                                                                                                                                                                                           low are converged.




FX and Rates Strategies      Goldman Sachs does not provide accounting, tax or legal advice; such matters should be discussed with your advisors and or counsel. This material is intended for illustrative
                             purposes only and is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and is no indication (implied or express)
                                                                                                                                                                                                                  Past performance is not an indicator of future
                                                                                                                                                                                                                  results. Future returns are not guaranteed,      25
From the Trading Desk        as to the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.                      and a loss of original investment may occur.
                          Brent also shows signs of ST stabilisation against its 200-wma…

                                                                                                                                                                                         Last week the market posted a bullish weekly
                                                                                                                                                                                             reversal from just above the 200-wma

                                                                                                                                                                                          First and simply put this re-affirms the 200-wma as a
                                                                                                                                                                                           notable pivot, the market having based just above it in
                                                                                                                                                                                           Jun. ‘12 prior to making a notable recovery.
                                                                                                                                                                                          More relevant for now is the fact that this warns the
                                                                                                                                                                                           market is at risk of entering a more extended period of
                                                                                                                                                                                           consolidation/recovery, particularly as weekly oscillators
                                                                                                                                                                                           have crossed higher from the base of their recent range
                                                                                                                                                                                           for the first time since Jun. ‘12.
                                                                                                                                                                                          The big determinant of whether a relatively benign
                                                                                                                                                                                           horizontal consolidation develops or a bigger retrace
                                                                                                                                                                                           begins should be whether or not the market holds below
                                                                                                                                                                                           the completed double top neckline at 104.76 (interim low
                                                                                                                                                                                           from Nov. ‘12). As long as it holds below a period of
                                                                                                                                                                                           sideways consolidation within a broader bearish trend is
                                                                                                                                                                                           likely a reasonable expectation, if a weekly close above is
                                                                                                                                                                                           achieved a deeper retrace of recent losses may well
                                                                                                                                                                                           develop.




FX and Rates Strategies      Goldman Sachs does not provide accounting, tax or legal advice; such matters should be discussed with your advisors and or counsel. This material is intended for illustrative
                             purposes only and is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and is no indication (implied or express)
                                                                                                                                                                                                                  Past performance is not an indicator of future
                                                                                                                                                                                                                  results. Future returns are not guaranteed,      26
From the Trading Desk        as to the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.                      and a loss of original investment may occur.
                          This has all made the linked FX pairs more difficult…

                     USDCAD has dipped below support centred on ~1.0050                                                                                           USDCLP also pulled back below support at ~475




          The last clearly notable daily chart support point should be the uptrend from 14 Sep. at                                             It has however so far stabilised against the 76.4% retrace of the initial 9th/23rd Apr. rally at
           0.9995. Given what still appear underlying signals of a LT base developing and the fact                                               468.65. Given the underlying structure still looks like a base forming and the fact that CLP
           that daily oscillators are back close to the base of their recent range it is still likely quite                                      already looks very strong given the current level of Copper, this seems a good region to
           worth while watching for signs of a base around this pivot/support area.                                                              watch for any confirmation signals of a base developing. First confirmation likely with a
                                                                                                                                                 move back above ~475.




FX and Rates Strategies       Goldman Sachs does not provide accounting, tax or legal advice; such matters should be discussed with your advisors and or counsel. This material is intended for illustrative
                              purposes only and is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and is no indication (implied or express)
                                                                                                                                                                                                                   Past performance is not an indicator of future
                                                                                                                                                                                                                   results. Future returns are not guaranteed,      27
From the Trading Desk         as to the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.                      and a loss of original investment may occur.
                          Gold just ranging, but intraday chart is interesting…

     Bias given weekly setup to fade toward base of old consolidation at ~1,530                                                                   The intraday setup is a little more interesting in the here and now




          At this stage there’s little else to read into the weekly chart.                                                                     The market has so far hit and held near perfectly the 76.4% retrace of the 3rd/7th May fall
                                                                                                                                                 at 1,476.78 (high 1,476.36). If the market now pushes below the converged interim lows
          Thinking longer-term, the first confirmation of a more sustainable base in place would                                                from 7th/1st May; ~1,441-1,440 it could again open the downside.
           likely be generated by a clean close back above the base of the consolidation which runs
           1,522-1,535. If achieved this would begin to make the fall from the Sep. ‘11 peak at 1,920
           look corrective in nature.




FX and Rates Strategies       Goldman Sachs does not provide accounting, tax or legal advice; such matters should be discussed with your advisors and or counsel. This material is intended for illustrative
                              purposes only and is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and is no indication (implied or express)
                                                                                                                                                                                                                   Past performance is not an indicator of future
                                                                                                                                                                                                                   results. Future returns are not guaranteed,      28
From the Trading Desk         as to the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.                      and a loss of original investment may occur.
                          USDMXN Breaks 12.01 support…

                    This region includes recent range lows and Jun. ‘11 high                                                                                         Cautious of a re-test of 12.01 as resistance




          It’s worth reiterating the underlying structure which suggests a significant move lower is                                          The last big pivot break was seen earlier this year in March when the market broke below
           likely from here; (i) the market initially broke below its range lows from May. ’12 at 12.55                                         12.55 (where the prior interim lows from Mar. ‘11 onwards and uptrend from ‘08 lows
           in March this year, (ii) the break also coincided with a weekly close below the primary                                              were converged). Thereafter, USDMXN pushed back up to re-test 12.55 as resistance
           uptrend from Aug. ’08, (iii) multiple weekly moving averages (21-/100-/200-) had                                                     before resuming its decline.
           clustered and expanded to support the view that the break was in fact noteworthy, and
                                                                                                                                               The first sign of a “false break” would likely be given on a material close (NY 5pm close)
           (iv) the high from May ’12 was set marginally below 76.4% retrace of the larger rally from
           Aug. ’08 to Mar. ’09 with a high of 14.60 vs. 14.63.                                                                                 above 12.01.

          The next big pivot below 12.01 should likely be at the May ’11 low near ~11.48.


FX and Rates Strategies      Goldman Sachs does not provide accounting, tax or legal advice; such matters should be discussed with your advisors and or counsel. This material is intended for illustrative
                             purposes only and is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and is no indication (implied or express)
                                                                                                                                                                                                                  Past performance is not an indicator of future
                                                                                                                                                                                                                  results. Future returns are not guaranteed,      29
From the Trading Desk        as to the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.                      and a loss of original investment may occur.
                  Disclaimer for clients

Product Specific Risk Disclosure
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                                                                                                                                                                                                                    30
                 Disclaimer for clients (cont.)

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                                                                                                                                                                                                               31
                 Disclaimer for clients (cont.)

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Conflict of Interests: Goldman Sachs may from time to time be an active participant on both sides of the market for the underlying securities, commodities, futures, options or any other derivative or
instrument identical or related to those mentioned herein (together, "the Product"). Goldman Sachs at any time may have long or short positions in, or buy and sell Products (on a principal basis or
otherwise) identical or related to those mentioned herein. Goldman Sachs hedging and trading activities may affect the value of the Products.

Counterparty Credit Risk: Because Goldman Sachs, may be obligated to make substantial payments to you as a condition of an OTC derivative transaction, you must evaluate the credit risk of doing
business with Goldman Sachs or its affiliates.

Pricing and Valuation: The price of each OTC derivative transaction is individually negotiated between Goldman Sachs and each counterparty and Goldman Sachs does not represent or warrant that the
prices for which it offers OTC derivative transactions are the best prices available, possibly making it difficult for you to establish what is a fair price for a particular OTC derivative transaction; The value
or quoted price of the Product at any time, however, will reflect many factors and cannot be predicted. If Goldman Sachs makes a market in the offered Product, the price quoted by Goldman Sachs
would reflect any changes in market conditions and other relevant factors, and the quoted price (and the value of the Product that Goldman Sachs will use for account statements or otherwise) could be
higher or lower than the original price, and may be higher or lower than the value of the Product as determined by reference to pricing models used by Goldman Sachs. If at any time a third party dealer
quotes a price to purchase the Product or otherwise values the Product, that price may be significantly different (higher or lower) than any price quoted by Goldman Sachs. Furthermore, if you sell the
Product, you will likely be charged a commission for secondary market transactions, or the price will likely reflect a dealer discount. Goldman Sachs may, but is not obliged to, make a market. To the
extent Goldman Sachs makes a market, any price quoted for the OTC derivative transactions, Goldman Sachs may differ significantly from (i) their value determined by reference to Goldman Sachs
pricing models and (ii) any price quoted by a third party. The market price of the OTC derivative transaction may be influenced by many unpredictable factors, including economic conditions, the
creditworthiness of Goldman Sachs, the value of any underlyers, and certain actions taken by Goldman Sachs.

Market Making, Investing and Lending: Goldman Sachs engages in market making, investing and lending businesses for its own account and the accounts of its affiliates in the same or similar
instruments underlying OTC derivative transactions (including such trading as Goldman Sachs deems appropriate in its sole discretion to hedge its market risk in any OTC derivative transaction whether
between Goldman Sachs and you or with third parties) and such trading may affect the value of an OTC derivative transaction.




                                                                                                                                                                                                                      32
                 Disclaimer for clients (cont.)

Early Termination Payments: The provisions of an OTC Derivative Transaction may allow for early termination and, in such cases, either you or Goldman Sachs may be required to make a potentially
significant termination payment depending upon whether the OTC Derivative Transaction is in-the-money to Goldman Sachs or you at the time of termination.

Indexes: Goldman Sachs does not warrant, and takes no responsibility for, the structure, method of computation or publication of any currency exchange rates, interest rates, indexes of such rates, or
credit, equity or other indexes, unless Goldman Sachs specifically advises you otherwise.

Goldman Sachs is not regulated in Ukraine. You should ensure that you have all necessary licences to hold cash / securities (as applicable) offshore.

GOLDMAN SACHS AND ITS AFFILIATES NEITHER UNDERTAKE BANKING, FINANCIAL, OR INVESTMENT CONSULTATION BUSINESS IN OR INTO THE UAE WITHIN THE MEANING OF THE
CENTRAL BANK BOARD OF DIRECTORS' RESOLUTION NO. 164/8/94 REGARDING THE REGULATION FOR INVESTMENT COMPANIES NOR PROVIDE FINANCIAL ANALYSIS OR
CONSULTATION SERVICES IN OR INTO THE UAE WITHIN THE MEANING OF EMIRATES SECURITIES AND COMMODITIES AUTHORITY DECISION NO. 48/R OF 2008 CONCERNING
FINANCIAL CONSULTATION AND FINANCIAL ANALYSIS.


Notice to South African Investors

Goldman Sachs does not provide tax, accounting, investment or legal advice to our clients, and all clients are advised to consult with their own advisers regarding any potential investment/transaction.
This material is for discussion purposes only, and does not purport to contain a comprehensive analysis of the risk/rewards of any idea or strategy herein. Any potential investment/transaction described
within is subject to change and Goldman Sachs Internal approvals. Goldman Sachs International is an authorised financial services provider in South Africa under the Financial Advisory and
Intermediary Services (“FAIS”) Act, 2002. However it is exempt from certain provisions of that act with respect to Certain Clients, which may include you, by virtue of the Notice on Amendment of
Exemptions 2012.


Notice to Australian Investors

When this document is disseminated in Australia by Goldman, Sachs & Co. (“GSCo”) , Goldman Sachs International (“GSI”), Goldman Sachs (Asia) L.L.C. (“GSALLC”) or Goldman Sachs (Singapore)
Pte (“GSSP”) (collectively the “GS entities”), this document, and any access to it, is intended only for a person that has first satisfied the GS entities that:

• the person is a Sophisticated or Professional Investor for the purposes of section 708 of the Corporations Act of Australia; and
• the person is a wholesale client for the purpose of section 761G of the Corporations Act of Australia.

To the extent that the GS entities are providing a financial service in Australia, the GS entities are each exempt from the requirement to hold an Australian financial services licence for the financial
services they provide in Australia. Each of the GS entities are regulated by a foreign regulator under foreign laws which differ from Australian laws, specifically:

• GSCo is regulated by the US Securities and Exchange Commission under US laws;
• GSI is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, under UK laws;
• GSALLC is regulated by the Hong Kong Securities and Futures Commission under Hong Kong laws; and
• GSSP is regulated by the Monetary Authority of Singapore under Singapore laws.




                                                                                                                                                                                                             33
                   Disclaimer for clients (cont.)

Notice to New Zealand Investors

When this document is disseminated in New Zealand by Goldman, Sachs & Co., this document, and any access to it, is intended only for a person that has first satisfied Goldman Sachs that the person
is someone:

• whose principal business is the investment of money or who, in the course of and for the purposes of their business, habitually invests money; or
• to whom an offer of the interests may be made in circumstances that do not constitute an offer to the public for the purposes of section 3 (excluding section 3(2)(a)(iia)) or section 5(2CB) of the
Securities Act 1978 (NZ).

No offer to acquire the interests is being made to you in this document. Any offer will only be made in circumstances where disclosure is not required under the Securities Act 1978 (NZ), the Securities
Regulations 1983 (NZ) or the Securities Regulations 2009 (NZ).


Notice to Brazilian Investors

The offer of any securities mentioned in this message may not be made to the general public in Brazil. Accordingly, any such securities have not been nor will they be registered with the Brazilian
Securities Commission (Comissão de Valores Mobiliários) nor has any offer been submitted to the foregoing agency for approval. Documents relating to the offer, as well as the information contained
therein, may not be supplied to the public in Brazil, as the offer is not a public offering of securities in Brazil.

Ouvidoria Goldman Sachs Brasil: 0800 727 5764 e/ou ouvidoriagoldmansachs@gs.com

Horário de funcionamento: segunda-feira à sexta-feira (exceto feriados), das 9hs às 18hs.

Ombudsman Goldman Sachs Brazil: 0800 727 5764 and / or ouvidoriagoldmansachs@gs.com

Available Weekdays (except holidays), from 9 am to 6 pm.

More information

The ombudsman is a channel for the customer to make claims of products and services of Goldman Sachs that were not solved through usual channels. The service will be held by a person duly
certified for this activity and to evaluate your claim the following principles will be used: transparency, independence and impartiality.


Notice to Chilean Clients

Any securities discussed in this presentation have not been registered in the securities register kept by the Superintendencia de Valores y Seguros ("SVS"), as foreign securities, and, therefore, they are
not subject to the supervision of the SVS. The securities are not directed to the Chilean Market, consequently, this message neither is nor constitutes and cannot be deemed as a public offer, as
regulated in the Chilean Securities Market Law, N° 18.045 (“Ley de Mercado de Valores”), of the securities to any Chilean resident.




                                                                                                                                                                                                               34
                 Disclaimer for clients (cont.)

Notice to Colombian Investors

For products and/or services marketed through the Goldman, Sachs & Co. Representative Office – The products and/or services described herein are being marketed to you by the Representative
Office (the “Representative Office”) of Goldman, Sachs & Co. (“GS&Co.”), which has been authorized by the Colombian Financial Superintendency (the “Superintendency”) to act in accordance with
the provisions contained in Decree 2555 of 2010 (“Decree 2555”) and Chapter V, Title I of External Circular 007 of 1996 (“Circular 007”) issued by the Superintendency. GS&Co. will provide and/or
render such products and/or services to you and, subject to the disclaimers described herein, assumes responsibility for such products and/or services. Subject to the disclaimers otherwise described
herein, the legal, accounting, financial, commercial and administrative characteristics, including the applicable governing law, of the products and/or services are described herein or have otherwise
been or will be provided to you. GS&Co. is registered as a broker-dealer and an investment adviser with, and is subject to the supervision of, the U.S. Securities and Exchange Commission (the
“SEC”). GS&Co. is also registered as a futures commission merchant and a swap dealer with, and is subject to the supervision of, the U.S. Commodity Futures Trading Commission (the “CFTC”).
GS&Co. is a member of the Financial Industry Regulatory Authority ("FINRA"), the New York Stock Exchange, and the Securities Investor Protection Corporation (“SIPC”). SIPC protects SIPC-eligible
assets custodied in GS&Co. accounts held in the same title and capacity up to an aggregate maximum of $500,000, of which $250,000 may be in cash. Assets not held by GS&Co. (including interests
in private funds) and certain other assets are not subject to SIPC or supplemental insurance coverage. You may obtain information about SIPC, including a brochure describing SIPC and information
about which assets are eligible for SIPC protection, by contacting SIPC via telephone at 202-371-8300 or accessing the SIPC website at www.sipc.org. None of the products and/or services of GS&Co.
are insured by the FDIC (Federal Deposit Insurance Corporation). Any complaint regarding the promotional activities carried out by the Representative Office can be sent by mail to the following
address in Colombia: Calle 67 No. 7-35, Oficina 1204, Bogotá – Colombia or directly to your sales professional. The Representative Office is not required under Colombian Law to have a customer
ombudsman.

For offers of securities in the Republic of Colombia – This material is for the client’s sole and exclusive use and cannot be understood as being addressed to, or be used by, any third party, including but
not limited to those third parties for which the addressee can legally or contractually represent. The securities have not been and will not be offered in the Republic of Colombia (“Colombia”) through a
public offering pursuant to Colombian laws and regulations and will not be registered in the Colombian National Registry of Securities and Issuers or on the Colombian Stock Exchange. The client
acknowledges that the Colombian laws and regulations (specifically foreign exchange and tax regulations) are applicable to any transaction or investment made in connection with the securities and that
the client is the sole party liable for full compliance with any such laws and regulations. The investment in the securities is a permitted investment for the client under its corporate bylaws and/or
particular applicable investment regime. Please contact your sales representative for further information about the securities and applicable selling restrictions.


© 2013 Goldman Sachs. All rights reserved.




                                                                                                                                                                                                                35
                  Disclaimer for clients based in Japan

Product Specific Risk Disclosure
The ideas detailed in this presentation may involve the purchase of options, in this case the premium paid may be lost if favourable market movement for the structure concerned does not take place.



<特定投資家用資料>
本資料は、特定投資家のお客さまのみを対象に作成されたものです。本資料における金融商品は特定投資家のお客さまのみがお取引可能であり、特定投資家以外のお客さまからのご注文等はお受けで
きませんので、ご注意ください。

商号等/ゴールドマン・サックス証券株式会社 金融商品取引業者 関東財務局長(金商)第69号
加入協会/ 日本証券業協会、一般社団法人金融先物取引業協会、一般社団法人第二種金融商品取引業協会

本書又はその添付資料に信用格付が記載されている場合、日本格付研究所(JCR)及び格付投資情報センター(R&I)による格付は、登録信用格付業者による格付(登録格付)です。その他の格付は登
録格付である旨の記載がない場合は、無登録格付です。無登録格付を投資判断に利用する前に、「無登録格付に関する説明書」( http://www2.content.gs.com/disclaimer/ratings.html )を十分にお読み
ください。




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