The MSCI Asia Pacific Index declined 0.5 percent to 124.10 as of 1:28 p.m. in Tokyo, with more than twice as many stocks falling as rising in the gauge. The index is headed for a 0.8 percent decline this week. Volumes for benchmark equity indexes in Japan, Hong Kong and Singapore were at least 20 percent below their 30-day averages.

The Asia-Pacific gauge, which includes companies from some emerging markets, pared its gains this year to 9.6 percent through yesterday, as U.S. and China's economic reports showed signs of a slowdown, and amid renewed concern about Europe's debt crisis.

Futures on the Standard & Poor's 500 Index (SPXL1) rose 0.1 percent today. The gauge dropped 0.6 percent in New York yesterday after reports showed sales of previously owned U.S. homes in March unexpectedly fell, while more Americans than forecast filed applications for unemployment benefits last week.

A separate report showed manufacturing in the Philadelphia region expanded at a slower pace in April as orders and sales cooled.

Crude Oil (Jun 12) intraday: the downside prevails.

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Pivot: 104.00
Our Preference: SHORT positions below 104 with targets @ 102.3 & 101.4.
Alternative scenario: The upside breakout of 104 will open the way to 104.5 & 105.5.
Comment: as long as 104 is resistance, look for choppy price action with a bearish bias.

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Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced width=1


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GOLD (Spot) intraday: bounce.

/Pivot: 1634.00
Our Preference: LONG positions above 1634 with 1654 & 1663 as next targets.
Alternative scenario: The downside penetration of 1634 will call for 1628 & 1620.
Comment: the RSI is above its neutrality area at 50%.

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Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced


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EUR/USD intraday: the upside prevails.

/Pivot: 1.3065.
Our Preference: LONG positions above 1.3065 with 1.316 & 1.318 as next targets.
Alternative scenario: The downside penetration of 1.3065 will call for a slide towards 1.304 & 1.2995.
Comment: the pair is on the upside and is challenging its resistance.

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Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced


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GBP/USD intraday: caution.

/Pivot: 1.6070.
Our Preference: SHORT positions @ 1.606 with targets @ 1.6 & 1.5965.
Alternative scenario: The upside breakout of 1.607 will open the way to 1.61 & 1.613.
Comment: the pair is approaching its strong resistance, caution.

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Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced


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USD/CAD intraday: the upside prevails.

/Pivot: 0.9905
Our preference: Long positions above 0.9905 with targets @ 0.9985 & 1.001 in extension.
Alternative scenario: Below 0.9905 look for further downside with 0.986 & 0.9825 as targets.
Comment: the RSI is bullish and calls for further advance.

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Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced


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USD/JPY intraday: rebound expected.

/Pivot: 81.35.
Our Preference: LONG positions @ 81.4 with targets @ 81.75 & 81.85.
Alternative scenario: The downside breakout of 81.35 will open the way to 81.15 & 80.85.
Comment: the pair stands above its new support and remains on the upside.

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Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced


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AUD/USD intraday: key ST resistance at 1.0365.

/Pivot: 1.0365
Our preference: Short positions below 1.0365 with targets @ 1.03 & 1.0275 in extension.
Alternative scenario: Above 1.0365 look for further upside with 1.039 & 1.0425 as targets.
Comment: the RSI is bearish and calls for further decline.

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Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced


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USD/CHF intraday: under pressure.

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Pivot: 0.92.
Our Preference: SHORT positions @ 0.9185 with targets @ 0.9125 & 0.9085.
Alternative scenario: The upside breakout of 0.919 will open the way to 0.921 & 0.925.
Comment: the pair is under pressure and is challenging its support.

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Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced.

Shayne Heffernan

Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.

Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.Read the Terms of Service