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Daily Pivots: (S1) 1.3251; (P) 1.3325; (R1) 1.3398; More...

Intraday bias in USD/CAD remains neutral for consolidation below 1.3444 temporary top. As long as 1.3160 minor support holds, further rally is still expected. On the upside, break of 1.3444 will turn bias back to the upside. Larger rally from 1.2061 should target 1.3685 fibonacci level next.

In the bigger picture, up trend from 1.2061 (2017 low) is still in progress and should target to 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. This will remain the preferred case as long as channel support (now at 1.2949) holds.

For the 24 hours to 23:00 GMT, the USD declined 0.73% against the CAD and closed at 1.3293 on Friday.

In economic news, Canada’ unemployment rate unexpectedly declined to a 42-year low level of 5.6% in November, defying market anticipation for an unchanged reading. Unemployment rate had registered a reading of 5.8% in the previous month.

In the Asian session, at GMT0400, the pair is trading at 1.3300, with the USD trading 0.05% higher against the CAD from Friday’s close.

The pair is expected to find support at 1.3236, and a fall through could take it to the next support level of 1.3172. The pair is expected to find its first resistance at 1.3382, and a rise through could take it to the next resistance level of 1.3464.

Going ahead, traders would keep an eye on Canada’s housing starts for November and building permits for October, set to release later in the day.

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

For the 24 hours to 23:00 GMT, the AUD declined 0.36% against the USD and closed at 0.7207 on Friday.

LME Copper prices rose 1.0% or $61.0/MT to $6173.0/MT. Aluminium prices rose/declined 0.9% or $17.0/MT to $1962.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7218, with the AUD trading 0.15% higher against the USD from Friday’s close.

In economic news, Australia’s seasonally adjusted home loan approvals unexpectedly rose 2.2% on a monthly basis in October. Home loan approvals had registered a drop of 1.0% in the prior month.

Elsewhere in China, Australia’s largest trading partner, the consumer price index (CPI) rose 2.2% on a yearly basis in November, compared to a reading of 2.5% in the preceding month. Market participants had envisaged the CPI to record a reading of 2.4%. Moreover, the producer price index (PPI) advanced 2.7% on an annual basis in November, in line with market anticipation. The PPI had registered a reading of 3.3% in the previous month.

The pair is expected to find support at 0.7183, and a fall through could take it to the next support level of 0.7149. The pair is expected to find its first resistance at 0.7247, and a rise through could take it to the next resistance level of 0.7277.

Going forward, traders would keep an eye on Australia’s 3Q house price index followed by the NAB business conditions and business confidence indices, both for November, set 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, Gold rose 0.97% against the USD and closed at USD1255.40 per ounce on Friday, amid weakness in the US dollar.

In the Asian session, at GMT0400, the pair is trading at 1254.20, with gold trading 0.10% lower against the USD from Friday’s close.

The pair is expected to find support at 1246.37, and a fall through could take it to the next support level of 1238.53. The pair is expected to find its first resistance at 1258.97, and a rise through could take it to the next resistance level of 1263.73.

The yellow metal is trading above its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, Silver rose 1.17% against the USD and closed at USD14.73 per ounce on Friday, tracking gain in gold prices.

In the Asian session, at GMT0400, the pair is trading at 14.67, with silver trading 0.37% lower against the USD from Friday’s close.

The pair is expected to find support at 14.55, and a fall through could take it to the next support level of 14.42. The pair is expected to find its first resistance at 14.77, and a rise through could take it to the next resistance level of 14.86.

The white metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

Daily Pivots: (S1) 112.53; (P) 112.73; (R1) 112.91; More..

Intraday bias stays neutral for consolidation above 112.23 temporary low. As long as 113.24 minor resistance holds, another fall is mildly in favor. On the downside, break of 112.23 will target 111.37 and possibly below. But still, price actions from 114.54 are seen as a consolidation pattern. Hence, even in case of deep decline, downside should be contained by 38.2% retracement of 104.62 to 114.54 at 110.75 to bring rebound. Larger rise from 104.62 is expected to resume later. On the upside, above 113.24 minor resistance will turn bias back to the upside for 114.03 resistance.

In the bigger picture, corrective fall from 118.65 (2016 high) should have completed with three waves down to 104.62. Decisive break of 114.73 resistance will likely resume whole rally from 98.97 (2016 low) to 100% projection of 98.97 to 118.65 from 104.62 at 124.30, which is reasonably close to 125.85 (2015 high). This will stay as the preferred case as long as 109.76 support holds. However, decisive break of 109.76 will dampen this bullish view and turns outlook mixed again.

For the 24 hours to 23:00 GMT, Crude Oil rose 1.33% against the USD and closed at USD52.38 per barrel on Friday, after OPEC and its allies agreed to reduce oil output starting next year.Additionally, fresh figures from Baker Hughes disclosed that the number of active oil rigs fell by 10 to 877 in the week ended 07 November.

In the Asian session, at GMT0400, the pair is trading at 52.61, with oil trading 0.44% higher against the USD from Friday’s close.

The pair is expected to find support at 50.73, and a fall through could take it to the next support level of 48.86. The pair is expected to find its first resistance at 54.35, and a rise through could take it to the next resistance level of 56.09.

Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

Daily Pivots: (S1) 0.9877; (P) 0.9911; (R1) 0.9932; More...

Intraday bias in USD/CHF remains on the downside for 0.9848 support. Decisive break there will confirm near term reversal and target 61.8% retracement of 0.9541 to 1.0128 at 0.9765 and below. Above upside, above 0.9943 minor resistance will turn intraday bias neutral first. But break of 1.0008 resistance is needed to indicate short term bottoming. Otherwise, near term outlook will now remain bearish in case of recovery.

In the bigger picture, rise from 0.9541 could have topped at 1.0128. But as long as 0.9541 support holds, we'd still expect rise from 0.9186 to resume at a later stage. Break of 1.0128 will target 1.0342 key resistance. However, break of 0.9514 will pave the way back to 0.9186 low.

Daily Pivots: (S1) 1.1361; (P) 1.1394; (R1) 1.1429; More.....

EUR/USD strengthens further today but it's still limited below 1.1472 resistance. Intraday bias remains neutral and another fall is in favor. On the downside, break of 1.1267 will target 1.1215 low first. Firm break there will resume larger down trend from 1.2555 for 1.1186 fibonacci level next. However, considering bullish convergence condition in daily MACD, firm break of 1.1472 will be suggest medium term bottoming and turn outlook bullish for 1.1814 resistance instead.

In the bigger picture, as long as 1.1814 resistance holds, down trend down trend from 1.2555 medium term top is still in progress and should target 61.8% retracement of 1.0339 (2017 low) to 1.2555 at 1.1186 next. Sustained break there will pave the way to retest 1.0339. However, break of 1.1814 will confirm completion of such down trend and turn medium term outlook bullish.

Daily Pivots: (S1) 1.2693; (P) 1.2749; (R1) 1.2787; More...

GBP/USD continues to stay in tight range above 1.2658 temporary low and intraday bias remains neutral first. On the downside, sustained break of 1.2661 key support will resume larger down trend from 1.4376. Next target will be 1.1946. On the upside, break of 1.2927 will extend the consolidation from 1.26661 with another rise. But even in case of strong rebound, upside should be limited by 1.3316 fibonacci level to bring down trend resumption eventually.

In the bigger picture, whole medium term rebound from 1.1946 (2016 low) should have completed at 1.4376 already, after rejection from 55 month EMA. The structure and momentum of the fall from 1.4376 argues that it's resuming long term down trend. And this will be the preferred case as long as 38.2% retracement of 1.4376 to 1.2661 at 1.3316 holds. However, firm break of 1.3316 would bring stronger rebound to 61.8% retracement at 1.3721. And, the eventual depth of the fall from 1.4376, and the chance of hitting 1.1946 low, will depend on the strength of the interim corrective rebound from 1.2661.