Economist Shayne Heffernan takes a look at all the trading in Asia

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.

Markets in China, Hong Kong, India, South Korea and Singapore were among those closed today for a holiday. The MSCI Asia Pacific Index slid for a second month in April, losing 1 percent.

Australian shares had already been boosted by data showing China's official purchasing managers' index (PMI) rose to a 13-month high of 53.3 in April from 53.1 in March.

The Chinese PMI indicated further expansion in the vast factory sector, which could mean more demand for Australian resources, but the index also came in below expectations of 53.6.

Beyond Australian shares, there was no specific market reaction, although the Chinese data helped keep copper steady near $8,400 a metric tonne (1.1 ton) and provided a bright spot for oil. U.S. crude futures eased 0.1 percent at $104.80 while Brent crude futures were also down 0.1 percent at $119.32 a barrel.

The MSCI All-Country World Index of stocks lost 1.1 percent including dividends while the Standard & Poor's GSCI Total Return Index of metals, fuels and agricultural products fell 0.5 percent. The U.S. Dollar Index (DXY) dropped 0.29 percent.

Crude Oil (Jun 12) intraday: the bias remains bullish.

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Pivot: 103.90
Our Preference: LONG positions above 103.9 with 105.5 & 106.2 in sight.
Alternative scenario: The downside penetration of 103.9 will call for a slide towards 103.45 & 103.1.
Comment: a support base at 103.9 has formed and has allowed for a temporary stabilisation.

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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: the bias remains bullish.

/Pivot: 1656.00
Our Preference: LONG positions above 1656 with targets @ 1668 & 1680.
Alternative scenario: The downside penetration of 1656 will call for 1649 & 1640.
Comment: the RSI broke above a bearish trend line.

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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: caution.

/Pivot: 1.3205.
Our Preference: LONG positions above 1.3205 with 1.3265 & 1.33 in sight.
Alternative scenario: The downside penetration of 1.3205 will call for 1.3175 & 1.315.
Comment: the pair is on the upside but 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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GBP/USD intraday: limited upside.

/Pivot: 1.6200.
Our Preference: LONG positions above 1.62 with targets @ 1.625 & 1.63.
Alternative scenario: The downside penetration of 1.62 will call for a slide towards 1.6155 & 1.6125.
Comment: the pair is pulling back on 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


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USD/CAD intraday: bullish bias above 0.9845.

/Pivot: 0.9845
Our preference: Long positions above 0.9845 with targets @ 0.9895 & 0.9925 in extension.
Alternative scenario: Below 0.9845 look for further downside with 0.982 & 0.9795 as targets.
Comment: the pair remains on the upside and is approaching its resistance as the RSI is turning up.

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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: under pressure.

/Pivot: 80.00.
Our Preference: SHORT positions below 80 with 79.6 & 79.3 in sight.
Alternative scenario: The upside penetration of 80 will call for a rebound towards 80.25 & 80.5.
Comment: the pair stands below its resistance and remains under pressure.

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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: under pressure.

/Pivot: 1.04
Our preference: Short positions below 1.04 with targets @ 1.032 & 1.03 in extension.
Alternative scenario: Above 1.04 look for further upside with 1.0435 & 1.0475 as targets.
Comment: the pair has broken below its support and remains on the downside.

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width=590

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: 0.91.
Our Preference: SHORT positions below 0.91 with targets @ 0.9045 & 0.903.
Alternative scenario: The upside breakout of 0.91 will open the way to 0.912 & 0.914.
Comment: the pair is under pressure and is challenging its support.

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width=590

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