Asia Trading Update, FX, Gold, Oil, Markets

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Hong Kong's Hang Seng rose 1.1 percent to 20,978.72. Benchmarks in New Zealand and the Philippines also gained, while Singapore and Indonesia fell and Taiwan swung between gains and losses. Markets in mainland China and Japan were closed for public holidays.

South Korea's Kospi added 0.3 percent to 1,982.15 amid improving business sentiment among manufacturers. Australia's S&P/ASX 200 gained 0.8 percent to 4,396 as rising commodities prices helped push up its mining sector.

Confidence among South Korean manufacturers rose amid signs of an improving economy, Yonhap news agency reported, citing the Bank of Korea. An index that measures expectations among manufacturers rose to 90 for May from 85 in April, the central bank said.

Samsung Electronics, which on Friday announced record earnings for the first quarter, rose 1.8 percent. Hyundai Motor Co. added 2.9 percent.

Elsewhere, rising prices for precious and industrial metals helped Australia's mining giants. BHP Billiton Ltd., the world's biggest mining company, rose 1.8 percent. Leading rival Rio Tinto Ltd. added 1 percent, and iron ore producer Fortescue Metals Group rose 0.7 percent.

U.S. stock markets rose Friday despite a report that the U.S. economy grew at annual rate of 2.2 percent, below the 2.5 percent that economist had expected. It grew at a faster rate, 3 percent, in the final three months of 2011.

Crude Oil (Jun 12) intraday: bullish bias above 103.75

Pivot: 103.75 Our Preference: LONG positions above 103.75 with targets @ 105.5 & 106.2. Alternative scenario: The downside breakout of 103.75 will open the way to 103.35 & 103. Comment: the RSI is bullish and calls for further 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 width=1

GOLD (Spot) intraday: the bias remains bullish.

Pivot: 1651.00 Our Preference: LONG positions above 1651 with 1675 & 1683 in sight. Alternative scenario: The downside penetration of 1651 will call for a slide towards 1639 & 1632. 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

EUR/USD intraday: the upside prevails.

Pivot: 1.3210. Our Preference: LONG positions @ 1.322 with targets @ 1.3265 & 1.33. Alternative scenario: The downside penetration of 1.321 will call for 1.3175 & 1.315. Comment: the pair remains 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

GBP/USD intraday: further advance.

Pivot: 1.6200. Our Preference: LONG positions @ 1.621 with 1.6295 & 1.634 as next targets. Alternative scenario: The downside penetration of 1.62 will call for a slide towards 1.6155 & 1.613. Comment: the pair stands above its support and should post 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

USD/CAD intraday: under pressure.

Pivot: 0.9825 Our preference: Short positions below 0.9825 with targets @ 0.9795 & 0.9775 in extension. Alternative scenario: Above 0.9825 look for further upside with 0.9845 & 0.9875 as targets. Comment: the pair remains on the downside as the RSI is badly directed.

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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

USD/JPY intraday: under pressure.

Pivot: 80.50. Our Preference: SHORT positions below 80.5 with 80.05 & 79.85 as next targets. Alternative scenario: The upside penetration of 80.5 will call for 80.8 & 81.1. 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

AUD/USD intraday: bullish bias above 1.04.

Pivot: 1.04 Our preference: Long @ 1.041 with targets @ 1.0475 & 1.05 in extension. Alternative scenario: Below 1.04 look for further downside with 1.035 & 1.032 as targets. Comment: the pair remains on the upside 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

USD/CHF intraday: under pressure.

Pivot: 0.91. Our Preference: SHORT positions below 0.91 with targets @ 0.9045 & 0.903. Alternative scenario: The upside penetration of 0.91 will call for a rebound towards 0.912 & 0.914. 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

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