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Daily Pivots: (S1) 112.19; (P) 112.71; (R1) 113.19; More..

USD/JPY breached 112.30 but quickly recovered. For now, deeper decline is still expected as long as 113.24 minor resistance holds. Further fall should be seen to 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.

Daily Pivots: (S1) 1.3343; (P) 1.3394; (R1) 1.3433; More...

Intraday bias in USD/CAD remains on the upside for further rally. Sustained trading above 1.3385 resistance will confirm resumption of medium term up trend. Further rise should then be seen to 1.3685 fibonacci level. On the downside, though, break of 1.3160 support will indicate rejection by 1.3385 resistance and turn near term outlook bearish.

In the bigger picture, up trend from 1.2061 (2017 low) is still in progress and decisive break of 1.3385 will pave the way to 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. In case correction from 1.3382 extend with another falling leg, downside should be contained by 50% retracement of 1.2061 to 1.3385 at 1.2723 to bring rebound.

For the 24 hours to 23:00 GMT, the GBP rose 0.36% against the USD and closed at 1.2783.

In the Asian session, at GMT0400, the pair is trading at 1.2769, with the GBP trading 0.11% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.2709, and a fall through could take it to the next support level of 1.2648. The pair is expected to find its first resistance at 1.2821, and a rise through could take it to the next resistance level of 1.2872.

Moving forward, traders would closely monitor UK’s Halifax house prices for November, slated to release in a few hours.

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

For the 24 hours to 23:00 GMT, the USD declined 0.39% against the JPY and closed at 112.68.

In the Asian session, at GMT0400, the pair is trading at 112.81, with the USD trading 0.12% higher against the JPY from yesterday’s close.

Early morning data showed that Japan’s preliminary leading economic index unexpectedly fell to a level of 100.5 in October, defying market anticipations for a gain to a level of 104.9. In the previous month, the index had recorded a reading of 104.3. Moreover, the nation’s flash coincident index surprisingly slid to a level of 104.5 in October, cofounding market consensus for a rise to a level of 116.8. The index had recorded a level of 114.4 in the prior month.

The pair is expected to find support at 112.31, and a fall through could take it to the next support level of 111.82. The pair is expected to find its first resistance at 113.23, and a rise through could take it to the next resistance level of 113.66.

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

For the 24 hours to 23:00 GMT, the USD declined 0.46% against the CHF and closed at 0.9927.

In the Asian session, at GMT0400, the pair is trading at 0.9925, with the USD trading marginally lower against the CHF from yesterday’s close.

The pair is expected to find support at 0.9883, and a fall through could take it to the next support level of 0.9842. The pair is expected to find its first resistance at 0.9978, and a rise through could take it to the next resistance level of 1.0032.

Moving ahead, traders would await the Swiss National Bank’s interest rate decision, along with Switzerland’s unemployment rate and producer & import prices, all slated to release next week.

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 0.23% against the CAD and closed at 1.3391.

Macroeconomic data revealed that Canada's seasonally adjusted Ivey PMI declined to a level of 57.2 in November, compared to a level of 61.8 in the previous month. Additionally, the nation's merchandise trade deficit widened more than expected to C$1.17 billion, compared to a revised deficit of C$0.89 billion.

In the Asian session, at GMT0400, the pair is trading at 1.3388, with the USD trading a tad lower against the CAD from yesterday's close.

The pair is expected to find support at 1.3357, and a fall through could take it to the next support level of 1.3326. The pair is expected to find its first resistance at 1.3432, and a rise through could take it to the next resistance level of 1.3476.

Trading trend in the Loonie today is expected to be determined by Canada's unemployment rate for November, scheduled to release later in the day.

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

For the 24 hours to 23:00 GMT, the AUD declined 0.47% against the USD and closed at 0.7233.

LME Copper prices declined 0.8% or $50.0/MT to $6112.0/MT. Aluminium prices declined 1.1% or $21.5/MT to $1945.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7237, with the AUD trading 0.06% higher against the USD from yesterday's close.

Overnight data indicated that Australia's AIG performance of construction index eased to a level of 44.5 in November, compared to a reading of 46.4 in the prior month.

The pair is expected to find support at 0.7206, and a fall through could take it to the next support level of 0.7174. The pair is expected to find its first resistance at 0.7255, and a rise through could take it to the next resistance level of 0.7272.

Looking forward, investors would keep an eye on Australia's Westpac consumer confidence, house price index, consumer inflation expectations, CBA manufacturing and services PMIs, all set to release next week.

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, Gold marginally declined against the USD and closed at USD1243.10 per ounce.

In the Asian session, at GMT0400, the pair is trading at 1245.50, with gold trading 0.19% higher against the USD from yesterday’s close.

The pair is expected to find support at 1240.37, and a fall through could take it to the next support level of 1235.23. The pair is expected to find its first resistance at 1250.27, and a rise through could take it to the next resistance level of 1255.03.

The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, Silver declined 0.17% against the USD and closed at USD14.56 per ounce, tracking losses in gold prices.

In the Asian session, at GMT0400, the pair is trading at 14.56, with silver trading a tad higher against the USD from yesterday’s close.

The pair is expected to find support at 14.46, and a fall through could take it to the next support level of 14.36. The pair is expected to find its first resistance at 14.61, and a rise through could take it to the next resistance level of 14.66.

The white metal is showing convergence with its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, Crude Oil declined 2.62% against the USD and closed at USD51.69 per barrel, after the OPEC postponed its decision on production reduction.

Meanwhile, the Energy Information Administration (EIA) report indicated that US crude oil stockpiles dropped by 7.3 million barrels to 442.7 million in the week ended 30 November

In the Asian session, at GMT0400, the pair is trading at 51.34, with oil trading 0.68% lower against the USD from yesterday’s close.

The pair is expected to find support at 49.85, and a fall through could take it to the next support level of 48.35. The pair is expected to find its first resistance at 53.07, and a rise through could take it to the next resistance level of 54.79.

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