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Daily Pivots: (S1) 0.7057; (P) 0.7083; (R1) 0.7097; More...

AUD/USD's rebound from 0.7020 extends further today but it's kept below 0.7159 resistance. Intraday bias stays neutral for the moment with near term outlook staying bearish. On the downside, break of 0.7020 extend the down trend from 0.8135 towards 0.6826 low. However, firm break of 0.7159 will be a first sign of trend reversal, on bullish convergence condition in 4 hour MACD, and turn bias back to the upside for 0.7314 resistance.

In the bigger picture, fall from 0.8135 is tentatively treated as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 will target 0.6008 key support next (2008 low). On the upside, break of 0.7314 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook stays bearish even in case of strong rebound.

For the 24 hours to 23:00 GMT, the EUR declined 0.23% against the USD and closed at 1.1318.

Data showed that the Euro-zone's flash consumer price index (CPI) advanced 2.2% on an annual basis in October, notching its highest level in 6 years and in line with market expectations. In the previous month, the CPI had recorded a rise of 2.1%. Moreover, the region's unemployment rate remained unchanged at 8.1% in September, hitting its lowest level since November 2008 and at par with market expectations.

Additionally, in Germany, retail sales unexpectedly eased 2.6% on a yearly basis in September, confounding market consensus for a gain of 1.0% and marking its abrupt decline since June 2013. In the preceding month, retail sales had registered a climb of 1.6%.

In the US, data revealed that the US private sector employment climbed more-than-estimated by 227.0K in October, following a revised advance of 218.0K in the prior month. Market participants had anticipated the private sector employment to record a gain of 187.0K.

On the other hand, the nation's Chicago Fed purchasing managers' index dropped to a level of 58.4 in October, for the third straight month and more than market expectations for a decline to a level of 60.0. The index had recorded a level of 60.4 in the previous month. Also, the MBA mortgage applications fell 2.5% on a weekly basis in the week ended 26 October 2018, following a rise of 4.9% in the prior month.

In the Asian session, at GMT0400, the pair is trading at 1.1346, with the EUR trading 0.25% higher against the USD from yesterday's close.

The pair is expected to find support at 1.1312, and a fall through could take it to the next support level of 1.1278. The pair is expected to find its first resistance at 1.1370, and a rise through could take it to the next resistance level of 1.1394.

Amid lack of macroeconomic releases in the Euro-zone today, investors would look forward to the US initial jobless claims followed by the Markit manufacturing PMI, the ISM manufacturing and ISM employment, all for October, set to release later in the day.

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

For the 24 hours to 23:00 GMT, the GBP rose 0.53% against the USD and closed at 1.2773.

In the Asian session, at GMT0400, the pair is trading at 1.2853, with the GBP trading 0.63% higher against the USD from yesterday's close, amid reports that British Prime Minister, Theresa May has struck a deal with the European Union on financial services.

The pair is expected to find support at 1.2751, 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 1.2906, and a rise through could take it to the next resistance level of 1.2958.

Moving forward, investors would closely monitor the Bank of England's (BoE) interest rate decision along with UK's Markit manufacturing PMI and the Nationwide house price index, both for October, set to release in a few hours.

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

For the 24 hours to 23:00 GMT, the USD declined 0.13% against the JPY and closed at 112.92.

In the Asian session, at GMT0400, the pair is trading at 112.86, with the USD trading 0.05% lower against the JPY from yesterday's close.

Overnight data indicated that, Japan's final manufacturing PMI climbed to a level of 52.9 in October, compared to a reading of 52.5 in the previous month. The preliminary figures had indicated a rise to 53.1.

The pair is expected to find support at 112.59, and a fall through could take it to the next support level of 112.32. The pair is expected to find its first resistance at 113.26, and a rise through could take it to the next resistance level of 113.66.

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 0.29% against the CHF and closed at 1.0082.

In the Asian session, at GMT0400, the pair is trading at 1.0064, with the USD trading 0.18% lower against the CHF from yesterday’s close.

The pair is expected to find support at 1.0034, and a fall through could take it to the next support level of 1.0003. The pair is expected to find its first resistance at 1.0095, and a rise through could take it to the next resistance level of 1.0125.

Going ahead, investors would keep an eye on Switzerland’s SECO consumer confidence index, consumer price index and manufacturing PMI, all for October, slated to release in a few hours.

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 rose 0.30% against the CAD and closed at 1.3156.

On the macro front, Canada's gross domestic product (GDP) unexpectedly expanded by 0.1% on a monthly basis in August, for the seventh consecutive month and defying market expectations for a flat reading. In the previous month, the GDP had registered a rise of 0.2%.

In the Asian session, at GMT0400, the pair is trading at 1.3140, with the USD trading 0.12% lower against the CAD from yesterday's close.

The pair is expected to find support at 1.3109, and a fall through could take it to the next support level of 1.3079. The pair is expected to find its first resistance at 1.3170, and a rise through could take it to the next resistance level of 1.3201.

Looking ahead, traders would await Canada's leading indicator for September and the RBC manufacturing PMI for October, scheduled to release later in the day.

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 AUD declined 0.28% against the USD and closed at 0.7081.

LME Copper prices declined 1.0% or $63.0/MT to $6073.0/MT. Aluminium prices declined 0.3% or $6.0/MT to $1946.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7131, with the AUD trading 0.71% higher against the USD from yesterday's close.

Overnight data showed that Australia's seasonally adjusted trade surplus widened to A$3017.0 million in September, following a surplus of A$1604.0 million in the previous month. Market participants had expected the nation's surplus to widen to A$1700.0 million. Meanwhile, the CBA manufacturing PMI slightly rose to a level of 54.5 in October, compared to a level of 54.3 in the preceding month. On the contrary, the nation's AIG performance of manufacturing index slid to a level of 58.3 in October, following a reading of 59.0 in the previous month.

Elsewhere, in China, Australia's largest trading partner, the Caixin/Markit manufacturing PMI index unexpectedly rose to a level of 50.1 in October, beating market expectations for an unchanged reading. The PMI had recorded a level of 50.0 in the previous month.

The pair is expected to find support at 0.7088, and a fall through could take it to the next support level of 0.7046. The pair is expected to find its first resistance at 0.7153, and a rise through could take it to the next resistance level of 0.7176.

Moving ahead, investors would keep a close watch on Australia's 3Q producer price index and retail sales data for September, due to release overnight.

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

For the 24 hours to 23:00 GMT, Gold declined 0.60% against the USD and closed at USD1216.70 per ounce, amid strength in the US dollar and US equities.

In the Asian session, at GMT0400, the pair is trading at 1219.30, with gold trading 0.21% higher against the USD from yesterday’s close.

The pair is expected to find support at 1214.33, and a fall through could take it to the next support level of 1209.37. The pair is expected to find its first resistance at 1223.33, and a rise through could take it to the next resistance level of 1227.37.

The yellow metal is trading between its 20 Hr and 50 Hr moving average.

For the 24 hours to 23:00 GMT, Silver declined 1.31% against the USD and closed at USD14.28 per ounce, tracking losses in gold prices.

In the Asian session, at GMT0400, the pair is trading at 14.32, with silver trading 0.28% higher against the USD from yesterday’s close.

The pair is expected to find support at 14.23, and a fall through could take it to the next support level of 14.14. The pair is expected to find its first resistance at 14.42, and a rise through could take it to the next resistance level of 14.53.

The white metal 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, Crude Oil declined 2.21% against the USD and closed at USD64.98 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles rose by 3.2 million barrels to 426 million barrels in the week ended 26 October.

In the Asian session, at GMT0400, the pair is trading at 65.02, with oil trading 0.06% higher against the USD from yesterday’s close.

The pair is expected to find support at 64.22, and a fall through could take it to the next support level of 63.42. The pair is expected to find its first resistance at 66.41, and a rise through could take it to the next resistance level of 67.80.

Crude oil is trading below its 20 Hr and 50 Hr moving averages.