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Daily Pivots: (S1) 1.1668; (P) 1.1692; (R1) 1.1710; More...

EUR/CHF is staying in consolidation below 1.1740 temporary top. Intraday bias remains neutral first. As noted before, pull back from 1.1832 is already completed at 1.1445. Further rise will be in favor as long as 1.1630 minor support holds. Above 1.1740 will target a test on 1.1832 high. We'll stay cautious strong resistance from there to bring another fall. Corrective pattern from 1.1832 might still have an attempt on 1.1355 cluster support (38.2% retracement of 1.0629 to 1.1832 at 1.1372) before completion. On the downside, below 1.1630 minor support will target 1.1445 low again.

In the bigger picture, a medium term top should be in place at 1.1832 on bearish divergence condition in daily MACD. But there is no indication of long term reversal yet. As long as 1.1198 resistance turned support holds, we'd still expect another rise through prior SNB imposed floor at 1.2000.

For the 24 hours to 23:00 GMT, the AUD rose 0.08% against the USD and closed at 0.7869.

LME Copper prices rose 0.7% or $49.0/MT to $6857.0/MT. Aluminium prices rose 0.9% or $18.5/MT to $2097.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7875, with the AUD trading 0.08% higher against the USD from yesterday's close, after Australia's NAB business conditions index climbed to a record high level of 21.0 in February, thus pointing to robust business activity in the resource-rich nation. The index had recorded a revised reading of 18.00 in the prior month.

On the contrary, the nation's NAB business confidence index declined to a level of 9.0 in February, as a recent global financial market rout weighed on business sentiment. In the previous month, the index had recorded a revised reading of 11.0.

The pair is expected to find support at 0.7858, and a fall through could take it to the next support level of 0.7842. The pair is expected to find its first resistance at 0.7888, and a rise through could take it to the next resistance level of 0.7902.

Moving ahead, traders would keep a close watch on Australia's Westpac consumer confidence index for March, scheduled to release overnight.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

For the 24 hours to 23:00 GMT, the EUR rose 0.11% against the USD and closed at 1.2334.

Macroeconomic data revealed that the US Federal Government recorded a budget deficit of $215.2 billion in February, posting its largest monthly deficit in 6 years, thus suggesting that the impact of the recent tax cuts has begun to surface. In the previous month, the US Government registered a budget surplus of $49.2 billion.

In the Asian session, at GMT0400, the pair is trading at 1.2331, with the EUR trading slightly lower against the USD from yesterday’s close.

The pair is expected to find support at 1.2300, and a fall through could take it to the next support level of 1.2268. The pair is expected to find its first resistance at 1.2354, and a rise through could take it to the next resistance level of 1.2376.

With no macroeconomic releases in the Euro-zone today, investors would direct their attention to the crucial US consumer price inflation data for February, set to release later in the day, to gauge the outlook for inflation.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the GBP rose 0.31% against the USD and closed at 1.3903.

In the Asian session, at GMT0400, the pair is trading at 1.3901, with the GBP trading marginally lower against the USD from yesterday’s close.

The pair is expected to find support at 1.3855, and a fall through could take it to the next support level of 1.3810. The pair is expected to find its first resistance at 1.3932, and a rise through could take it to the next resistance level of 1.3964.

UK’s Budget Report is due later today in which the UK Chancellor Philip Hammond will outline the budget for the next fiscal year in addition with providing details on the expected spending and investment plans.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

For the 24 hours to 23:00 GMT, the USD declined 0.23% against the JPY and closed at 106.36.

In the Asian session, at GMT0400, the pair is trading at 106.56, with the USD trading 0.19% higher against the JPY from yesterday's close.

In economic news, Japan's tertiary industry index registered a drop of 0.6% on a monthly basis in January, more than market expectations for a fall of 0.3%. In the previous month, the index had registered a revised flat reading.

The pair is expected to find support at 106.3, and a fall through could take it to the next support level of 106.05. The pair is expected to find its first resistance at 106.77, and a rise through could take it to the next resistance level of 106.99.

Moving ahead, minutes of the Bank of Japan's January meeting, due to release overnight, will be on investors' radar.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

For the 24 hours to 23:00 GMT, the USD declined 0.23% against the CHF and closed at 0.9477.

On the economic front, Switzerland’s total sight deposits fell to a level of CHF575.9 billion in the week ended 09 March, compared to a level of CHF576.0 billion reported in the previous week.

In the Asian session, at GMT0400, the pair is trading at 0.9473, with the USD trading slightly lower against the CHF from yesterday’s close.

The pair is expected to find support at 0.9452, and a fall through could take it to the next support level of 0.9430. The pair is expected to find its first resistance at 0.9502, and a rise through could take it to the next resistance level of 0.9530.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the USD rose 0.3% against the CAD and closed at 1.2844.

In the Asian session, at GMT0400, the pair is trading at 1.2842, with the USD trading marginally lower against the CAD from yesterday's close.

The pair is expected to find support at 1.2815, and a fall through could take it to the next support level of 1.2787. The pair is expected to find its first resistance at 1.2858, and a rise through could take it to the next resistance level of 1.2873.

Later in the day, traders would keep a close watch on a speech by the Bank of Canada's (BoC) Governor, Stephen Poloz.

The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.

Short Term Elliott wave View suggests USDJPY is correcting cycle from 2/2 peak (110.5) as an Expanded Flat Elliott Wave Structure. Flat is a corrective Elliott Wave structure with ABC label, and it has a subdivision of 3-3-5. In the case of USDJPY, Minor wave A ended at 197.9 on Feb 21 and Minor wave B ended at 105.23 on March 2.

Up from 105.23, Minor wave C rally is currently in progress as a diagonal 5 waves Elliott Wave structure. Minute wave ((i)) of C ended at 106.46, Minute wave ((ii)) of C ended at 105.43, Minute wave ((iii)) of C ended at 107.05, and Minute wave ((iv)) of C is expected to complete at 105.81 – 106.24 area. Near term, while pullbacks stay above 105.43, expect pair to extend higher towards 107.29 – 107.68 to end Minute wave ((v)) of C. The last push higher in Minute ((v)) of C should also complete Minor wave X and end correction to the cycle from 2/2 peak. Afterwards, pair should resume the decline or at least pullback in 3 waves to correct the 5 waves diagonal rally from 105.23 low.

USDJPY 1 Hour Elliott Wave Chart

Daily Pivots: (S1) 1.2814; (P) 1.2830; (R1) 1.2857; More....

USD/CAD lost some downside momentum as seen in 4 hour MACD. Intraday bias is turned neutral first. Below 1.2802 will target term channel support (now at 1.2724). At this point, we'd expect strong support from 38.2% retracement of 1.2246 to 1.3000 at 1.2712 to contain downside and bring rise resumption. On the upside, break of 1.3000 will resume the medium term rally to 1.3065 medium term fibonacci level

In the bigger picture, we're favoring the medium term bullish case. That is larger down trend from 1.4689 has completed at 1.2061, drawing support from 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048. Further rally should be seen back to 38.2% retracement of 1.4689 to 1.2061 at 1.3065 first. Break will target 61.8% retracement at 1.3685. This will be the preferred case now as long as 1.2687 support holds.

Daily Pivots: (S1) 0.7851; (P) 0.7865; (R1) 0.7885; More...

AUD/USD's rebound from 0.7712 is still in progress and intraday bias remains on the upside. Prior break of near term trend line resistance is taken as first sign of reversal. Break of 0.7892 resistance will affirm this bullish case and target 0.7988 and above. On the downside, below 0.7772 will turn bias to the downside for 0.7712. Break there will resume whole fall from 0.8135.

In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move. It might still extend higher but we'd expect strong resistance from 38.2% retracement of 1.1079 to 0.6826 at 0.8451 to limit upside to bring long term down trend resumption. On the downside, break of 0.7500 support will now be an important signal that such corrective rebound is completed.