Across the Asia, Asian stocks were down for a sixth day, with Japan's Nikkei 225 losing 0.8 per cent. The Nikkei 225′s drop was the seventh consecutive fall for the index, marking its longest retreat since July 2009.

The Australian stock market has posted its fourth straight day of losses, the longest losing streak in more than four months, as investors grow more wary of the economic outlook.

The Stoxx Europe 600 Index fell 0.1 percent to 252.38 at 8:57 a.m. in London. The MSCI Asia Pacific Index slid 0.7 percent, while Standard & Poor's 500 Index futures expiring in June advanced 0.3 percent.

European stocks tumbled 2.5 percent yesterday to their lowest level since Jan. 30, amid mounting concern about the region's debt crisis and as a U.S. report showed employers in the world's largest economy added fewer jobs in March than forecast.

Spanish Prime Minister Mariano Rajoy will address lawmakers of his People's Party today to explain the deepest budget cuts in three decades. The prime minister will speak at 1 p.m. in Madrid.

Spain's 10-year borrowing costs have jumped more than one percentage point since March 2, when Rajoy announced that the country will miss its 2012 budget-deficit goal approved by the European Union.

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

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Pivot: 103.35
Our Preference: SHORT positions below 103.35 with 99.95 & 98.75 in sight.
Alternative scenario: The upside breakout of 103.35 will open the way to 104.7 & 105.4.
Comment: as long as 103.35 is resistance, expect a return to 99.95.

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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: further advance./Pivot: 1646.00
Our Preference: LONG positions above 1646 with 1668 & 1680 in sight.
Alternative scenario: The downside penetration of 1646 will call for 1631 & 1620.
Comment: the immediate trend remains up and the momentum is strong.

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width=590Opinion 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: under pressure./Pivot: 1.3135.
Our Preference: SHORT positions @ 1.3125 with 1.3055 & 1.303 in sight.
Alternative scenario: The upside penetration of 1.3135 will call for a rebound towards 1.316 & 1.318.
Comment: the pair is rebounding but stands below its resistance.

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width=590Opinion 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: under pressure./Pivot: 1.5890.
Our Preference: SHORT positions below 1.589 with 1.584 & 1.581 as next targets.
Alternative scenario: The upside penetration of 1.589 will call for a rebound towards 1.591 & 1.593.
Comment: the pair is posting a rebound but stands below its new resistance.

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width=590Opinion 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 0.9975./Pivot: 0.9975
Our preference: Long positions above 0.9975 with targets @ 1.005 & 1.01 in extension.
Alternative scenario: Below 0.9975 look for further downside with 0.9945 & 0.991 as targets.
Comment: the RSI is mixed and calls for caution.

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width=590Opinion 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: 81.20.
Our Preference: SHORT positions below 81.2 with targets @ 80.55 & 80.2.
Alternative scenario: The upside penetration of 81.2 will call for a rebound towards 81.45 & 81.8.
Comment: the pair stands below its resistance and remains under pressure.

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width=590Opinion 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: consolidation./Pivot: 1.029
Our preference: Short positions below 1.029 with targets @ 1.0225 & 1.02 in extension.
Alternative scenario: Above 1.029 look for further upside with 1.0322 & 1.036 as targets.
Comment: investors have to remain cautious since these levels may trigger profit taking.

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width=590Opinion 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: the upside prevails.

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Pivot: 0.92.
Our Preference: LONG positions above 0.915 with 0.9205 & 0.922 as next targets.
Alternative scenario: The downside penetration of 0.915 will call for 0.9135 & 0.911.
Comment: the pair is pulling back on its support ahead of a rebound.

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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

Shayne Heffernan

www.livetradingnews.com

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