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For the 24 hours to 23:00 GMT, the AUD declined 0.45% against the USD and closed at 0.7240.

LME Copper prices declined 0.4% or $22.0/MT to $6059.0/MT. Aluminium prices declined 0.7% or $14.0/MT to $2038.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7209, with the AUD trading 0.43% lower against the USD from yesterday’s close.

Overnight data indicated that Australia’s Westpac consumer confidence index slid 2.3% to a level of 103.6 on a monthly basis in August, after recording a level of 106.1 in the previous month.

The pair is expected to find support at 0.7184, and a fall through could take it to the next support level of 0.7158. The pair is expected to find its first resistance at 0.7259, and a rise through could take it to the next resistance level of 0.7308.

Looking ahead, investors will keep an eye on Australia’s unemployment rate for July and consumer inflation expectations for August, both scheduled to release overnight.

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

For the 24 hours to 23:00 GMT, Gold rose slightly against the USD and closed at USD1201.50 per ounce.

In the Asian session, at GMT0300, the pair is trading at 1197.00, with gold trading 0.37% lower against the USD from yesterday’s close.

The pair is expected to find support at 1193.53, and a fall through could take it to the next support level of 1190.07. The pair is expected to find its first resistance at 1203.13, and a rise through could take it to the next resistance level of 1209.27.

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

For the 24 hours to 23:00 GMT, Silver rose 0.13% against the USD and closed at USD15.06 per ounce.

In the Asian session, at GMT0300, the pair is trading at 14.97, with silver trading 0.56% lower against the USD from yesterday’s close.

The pair is expected to find support at 14.92, and a fall through could take it to the next support level of 14.87. The pair is expected to find its first resistance at 15.06, and a rise through could take it to the next resistance level of 15.15.

The white metal is trading below its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, Crude Oil declined 1.07% against the USD and closed at USD66.79 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories advanced by 3.7 million barrels to 403.5 million barrels in the week ended 10 August.

In the Asian session, at GMT0300, the pair is trading at 66.76, with oil trading slightly lower against the USD from yesterday's close.

The pair is expected to find support at 66.06, and a fall through could take it to the next support level of 65.35. The pair is expected to find its first resistance at 67.92, and a rise through could take it to the next resistance level of 69.07.

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

XAUUSD (1187.64): Gold prices broke out from the short-term consolidation range and continue to trend lower. With the 1200 level being breached gold prices are seen currently testing the 1187.50 level. Near-term declines could keep the trend to the downside. The next major support level is seen at 1144.00 which marks a multi-year level of support. A retest of this level could potentially mark the completion of the downtrend.

USDJPY (111.25): The USDJPY currency pair extended gains for the second day. Price action managed to close back above the support/resistance level area of 111.13 - 110.85. The close above this level is likely to see further gains. In the near term, a retest of this level could keep the bias to the upside. Price action is likely to test the next resistance level at 112.00 region which marks the highs from early August.

EURUSD (1.1322): The EURUSD currency pair was seen attempting to recover some of the gains but price action gave up to extend the losses. The common currency closed the day with declines and a bearish engulfing pattern. This suggests potential declines as price action is likely to extend down to the 1.1200 level of support in the near term. The modest rebound seen at 1.1366 is likely to turn as resistance in the near term with any short-term gains likely to come above this level.

The U.S. dollar maintained its dominance on Tuesday. Economic data showed China's industrial production rising 6.0% on the year. The data missed estimates of a 6.3% increase. Retail sales in China also came out lower than expected at 8.8%. The data underlined the fact that the trade wars were starting to have an impact.

In the Eurozone, German GDP advanced 0.5% coming out higher than the median forecasts of 0.4%. The data showed that economic momentum increased in Europe's largest economy. Revised estimates for the Eurozone showed that GDP rose 0.4%, up from 0.3% from the initial estimates.

In the UK, the average earnings index rose just 2.4% as the unemployment rate fell to 4.0% marking a 43 year low.

Looking ahead, the economic data today will see the release of the inflation figures from the UK. Median estimates show that consumer prices might have increased 2.5% on the year ending July, marking a higher increase in inflation. Core CPI is expected to remain steady at 1.9%.

In the U.S. retail sales is tipped to rise by 0.2% while core retail sales are forecast to rise 0.4% on the month.

Other second-tier data includes the Empire State manufacturing index and industrial production figures.

Pivot (invalidation): 0.7250

Our preference Short positions below 0.7250 with targets at 0.7180 & 0.7160 in extension.

Alternative scenario Above 0.7250 look for further upside with 0.7290 & 0.7325 as targets.

Comment The RSI has broken down its 30 level.

Pivot (invalidation): 1.3090

Our preference Short positions below 1.3090 with targets at 1.3040 & 1.3015 in extension.

Alternative scenario Above 1.3090 look for further upside with 1.3120 & 1.3150 as targets.

Comment As Long as the resistance at 1.3090 is not surpassed, the risk of the break below 1.3040 remains high.