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For the 24 hours to 23:00 GMT, the AUD declined 0.1% against the USD and closed at 0.7958.

LME Copper prices declined 2.2% or $157.0/MT to $7023.0/MT. Aluminium prices declined 2.5% or $55.5/MT to $2172.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7966, with the AUD trading 0.1% higher against the USD from yesterday's close, after data indicated that Australia's Westpac consumer confidence index registered a rise of 1.8% to a level of 105.1 in January, jumping to its highest level since December 2013, highlighting that sentiment amongst consumers continues to recover on the backdrop of improving confidence around the economy and the job market. In the prior month, the index had registered a reading of 103.3.

The pair is expected to find support at 0.7936, and a fall through could take it to the next support level of 0.7905. The pair is expected to find its first resistance at 0.7998, and a rise through could take it to the next resistance level of 0.8029.

Moving ahead, market participants would keep a close watch on Australia's unemployment rate for December and consumer inflation expectations for January, both scheduled to release overnight.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the EUR marginally declined against the USD and closed at 1.2260, after few members of the center-left Social Democrats (SPD) voted against opening coalition talks with German Chancellor, Angela Merkel's conservative, thus throwing German politics back into a state of uncertainty and disarray.

On the macro front, Germany's final consumer price index (CPI) rose 1.7% on an annual basis in December, confirming the preliminary print. In the prior month, the CPI had risen 1.8%.

Macroeconomic data released in the US indicated that the New York Empire State manufacturing index eased more-than-anticipated to a level of 17.7 in January, declining for the third straight month. The index had recorded a revised reading of 19.6 in the previous month, while markets had expected for a fall to a level of 19.0.

In the Asian session, at GMT0400, the pair is trading at 1.2268, with the EUR trading 0.07% higher against the USD from yesterday's close.

The pair is expected to find support at 1.2201, and a fall through could take it to the next support level of 1.2134. The pair is expected to find its first resistance at 1.2329, and a rise through could take it to the next resistance level of 1.2390.

Going ahead, traders would focus on the Euro-zone's final inflation data for December, scheduled to release in a few hours. Later in the day, the release of US industrial and manufacturing production figures for December, the NAHB housing market index for January and the Federal Reserve's Beige Book report, will keep investors on their toes.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the GBP slightly declined against the USD and closed at 1.3790, after UK's annual inflation eased from a nearly 6-year high level in December.

Data revealed that Britain's consumer price index (CPI) climbed 3.0% on an annual basis in December, after recording a nearly 6-year high level of 3.1% in November, thus suggesting that the post-Brexit hit to the cost of living may finally be abating. Markets were anticipating the CPI to rise 3.0%.

In the Asian session, at GMT0400, the pair is trading at 1.3788, with the GBP trading a tad lower against the USD from yesterday's close.

The pair is expected to find support at 1.3741, and a fall through could take it to the next support level of 1.3695. The pair is expected to find its first resistance at 1.3835, and a rise through could take it to the next resistance level of 1.3883.

In absence of any macroeconomic releases in the UK today, investor sentiment would be governed by global macroeconomic factors.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the USD declined 0.18% against the JPY and closed at 110.38.

In the Asian session, at GMT0400, the pair is trading at 110.62, with the USD trading 0.22% higher against the JPY from yesterday's close.

Overnight data showed that Japan's machinery orders unexpectedly jumped to a 10-year high level of 5.7% on a monthly basis in November, defying market expectation for a fall of 1.4%, thus pointing to a continued rise in investment spending. Machinery orders had registered a rise of 5.0% in the previous month.

The pair is expected to find support at 110.21, and a fall through could take it to the next support level of 109.81. The pair is expected to find its first resistance at 111, and a rise through could take it to the next resistance level of 111.39.

Looking forward, Japan's final industrial production data for November, set to release tomorrow, will be on investors' radar.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the USD declined 0.37% against the CHF and closed at 0.9596.

Yesterday, the Swiss National Bank's (SNB) Chairman, Thomas Jordan stated that negative interest rates were still needed to limit the strength of “highly valued” Swiss Franc and to achieve the bank's goal of price stability.

In the Asian session, at GMT0400, the pair is trading at 0.9615, with the USD trading 0.2% higher against the CHF from yesterday's close.

The pair is expected to find support at 0.9570, and a fall through could take it to the next support level of 0.9526. The pair is expected to find its first resistance at 0.9662, and a rise through could take it to the next resistance level of 0.9710.

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 rose 0.06% against the CAD and closed at 1.2434.

In the Asian session, at GMT0400, the pair is trading at 1.2441, with the USD trading 0.06% higher against the CAD from yesterday's close.

The pair is expected to find support at 1.2408, and a fall through could take it to the next support level of 1.2374. The pair is expected to find its first resistance at 1.2464, and a rise through could take it to the next resistance level of 1.2486.

Trading trend in the CAD today is expected to be determined by the Bank of Canada's (BoC) monetary policy decision, due later in the day. Investors widely anticipate the central bank to raise interest rate to 1.25%.

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

Daily Pivots: (S1) 0.7939; (P) 0.7957; (R1) 0.7977; More...

At this point, further is expected in AUD/USD as long as 0.7874 support holds. Current rise from 0.7500 would target 0.8124 high. Break there will resume whole medium term rebound from 0.6826 and target key fibonacci level at 0.8451. On the downside, break of 0.7874 will indicate short term topping and turn bias to the downside for 55 day EMA (now at 0.7756).

In the bigger picture, current development suggests that medium term rebound from 0.6826 is still in progress and could be resuming. Such rise could target 38.2% retracement of 1.1079 (2011 high) to 0.6826 (2016 low) at 0.8451. As such rise is seen as a corrective move, we'd expect strong resistance from 0.8451 to limit upside.

Daily Pivots: (S1) 1.2403; (P) 1.2428; (R1) 1.2459; More....

Intraday bias in USD/CAD remains neutral as consolidation from 1.2354 continues. As long as 1.2623 support turned resistance holds, deeper decline is expected. Break of 1.2354 will extend the fall from 1.2910 to retest 1.2061 low. However, sustained break of 1.2623 will argue that the fall has completed and turn bias back to the upside for 1.2919 resistance.

In the bigger picture, current development argues that rebound from 1.2061 has completed at 1.2919, rejected by 55 week EMA (now at 1.2850) and kept below 38.2% retracement of 1.4689 to 1.2061 at 1.3065. The development also suggests that long term fall from 1.4689 is not completed yet. Decisive break of 1.2061 low will target 61.8% retracement of 0.9406 to 1.4689 at 1.1424. This will now be the favored case as long as 1.2919 resistance holds.

Daily Pivots: (S1) 1.2208; (P) 1.2246 (R1) 1.2297; More....

EUR/USD edged higher to 1.2322 but quickly retreated. Intraday bias remains neutral first. Near term outlook will remain bullish as long as 1.2088 resistance turned support holds. Current medium term rally could target 1.2494/2516 key resistance zone next. At this point, we'd expect strong resistance from there to limit upside and bring reversal. On the downside, break of 1.2088 will argue that EUR/USD has topped earlier than expected. In that case, intraday bias will be turned to the downside for 1.1915 support first.

In the bigger picture, rise from 1.0339 medium term bottom is still seen as a corrective move for the moment. Therefore, in case of another rally, we'd be expect 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516 to limit upside and bring reversal. That is also close to 61.8% projection of 1.0569 to 1.2091 from 1.1553 at 1.2494. Break of 1.1553 support will confirm completion of the rise. However, sustained break of 1.2516 will carry larger bullish implication and target 38.2% retracement of 1.6039 to 1.0339 at 1.3862.

Daily Pivots: (S1) 1.3752; (P) 1.3778; (R1) 1.3816; More.....

GBP/USD edged higher to 1.3835 but quickly retreated. Intraday bias remains neutral first. At this point, we'd still expect strong resistance from 1.3835 to limit upside to complete the medium term rally from 1.1946. Break of 1.3612 resistance turned support will be the first sign of reversal and turn bias back to the downside for 1.3457 support first. However, sustained break there will carry larger bullish implication and target long term fibonacci level at 1.5466.

In the bigger picture, the break of long term trend line resistance from 1.7190 (2014 high) is seen as a sign of long term reversal. However, rise from 1.1946 (2016 low) is not impulsive looking. And the pair is limited below 1.3835 key resistance. Hence, we won't turn bullish yet and would continue to monitor the development. On the downside, break of 1.3038 support will now indicate that rebound from 1.1946 has completed and turn outlook bearish. Meanwhile, sustained break of 1.3835 should at least send GBP/USD to 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466.