USA Outlook Oil, Gold, EUR/USD, GBP/USD, USD/CAD, USD/JPY, AUD/USD, USD/CHF

  on April 24 2012 12:21 PM

Job gains, mortgage rates close to all-time lows and cheaper properties are underpinning an industry that's been the economy's weak spot. At the same time, progress in residential real estate is being limited by distressed properties, stricter bank lending standards and the threat of more foreclosures.

Another report showed home prices in 20 U.S. cities dropped at a slower pace in February, pointing to stabilization in the real-estate market. The S&P/Case-Shiller index of property values fell 3.5 percent from a year earlier, the smallest 12-month drop since February 2011, a report from the group showed today in New York. The gauge climbed from the prior month on a seasonally adjusted basis for the first time since April of last year.

Confidence among consumers was little changed in April, other figures showed. The Conference Board's confidence index was at 69.2 compared to a revised 69.5 in the prior month, figures from the New York-based private research group showed today.

New-home sales have lost their ability to forecast the broader market as demand shifts to previously owned houses. New properties made up almost 7 percent of the market last year, down from a high of 15 percent during the last decade's housing boom.

Crude Oil (Jun 12) intraday: bullish bias above 102.7

Pivot: 102.70 Our Preference: LONG positions above 102.7 with 103.6 & 104.45 as next targets. Alternative scenario: The downside penetration of 102.7 will call for 101.8 & 101.2. 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: 1654 in sightPivot: 1637.00 Our Preference: LONG positions above 1637 with targets @ 1647 & 1654. Alternative scenario: The downside breakout of 1637 will open the way to 1631 & 1623. Comment: the immediate trend remains up and the momentum is strong.

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

 

EUR/USD intraday: caution.Pivot: 1.318 Our preference: Short positions below 1.318 with targets @ 1.314 & 1.3105 in extension. Alternative scenario: Above 1.318 look for further upside with 1.321 & 1.323 as targets. Comment: the pair is still challenging its resistance, the RSI lacks upward momentum.

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

 

GBP/USD intraday: the upside prevails.Pivot: 1.61 Our preference: Long positions above 1.61 with targets @ 1.617 & 1.62 in extension. Alternative scenario: Below 1.61 look for further downside with 1.607 & 1.6035 as targets. Comment: the pair is on the upside and is breaking above its resistance, the RSI is well directed.

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

 

USD/CAD intraday: caution.Pivot: 0.989 Our preference: Long positions above 0.989 with targets @ 0.9955 & 0.998 in extension. Alternative scenario: Below 0.989 look for further downside with 0.9875 & 0.986 as targets. Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

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

 

USD/JPY intraday: rebound.Pivot: 80.95 Our preference: Long positions above 80.95 with targets @ 81.4 & 81.65 in extension. Alternative scenario: Below 80.95 look for further downside with 80.8 & 80.6 as targets. Comment: the pair is on the upside and is challenging its resistance.

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

 

AUD/USD intraday: under pressure.Pivot: 1.0325 Our preference: Short @ 1.0297 with targets @ 1.022 & 1.02 in extension. Alternative scenario: Above 1.0325 look for further upside with 1.035 & 1.0385 as targets. Comment: the RSI is capped by a bearish trend line.

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

 

USD/CHF intraday: under pressure.

Pivot: 0.9155 Our preference: Short positions below 0.9155 with targets @ 0.9095 & 0.9075 in extension. Alternative scenario: Above 0.9155 look for further upside with 0.9175 & 0.9195 as targets. Comment: the pair is posting a rebound but remains capped by a declining trend line.

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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