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AUD/USD bearish pattern from 0.7813 (19/04/2018) pauses, the pair is bouncing off from 0.7552 low, heading along the 0.7580 range. The pair is trading at December 2017 low. Hourly support and resistance are given at 0.7502 (08/12/2017 low) and 0.7819 (28/02/2018 high). The technical structure suggests shortterm upward trading moves.

In the long-term, the upward trend slows down after failing to reach key resistance at 0.8164 (14/05/2015 low). Key support stands at 0.6009 (31/10/2008 low). A break of the key resistance at 0.8164 (14/05/2015 high) is needed to invalidate our long-term bearish view.

USD/CAD bullish trend momentarily stops, heading along the 0.2825 range. Hourly support and resistance are given at at 1.2504 (06/02/2018 low) and 1.2949 (22/03/2018 high). The technical structure suggests short-term decrease.

In the longer term, the pair is trading between resistance point at 1.3805 (05/05/2017 high) and support at 1.2128 (18/06/2015 low). Strong resistance is given at 1.4690 (22/01/2016 high). The pair is likely to head lower. The pair is trading above its 200 DMA.

USD/CHF is starting a bearish consolidation, heading along the 0.9815 range. The bullish pattern started from 0.9188 (16/02/2018 low) continues. The pair is contained between hourly support and resistance given at 0.9574 (17/01/2018 low) and 0.9916 (26/12/2017 high). The technical structure suggests short-term downward trading moves.

In the long-term, the pair is still trading in range since 2011 despite some turmoil when the SNB unpegged the CHF. Key support lies at 0.9072 (07/05/2015 low) while resistance at 1.0344 (15/12/2016 high) is distanced. The technical structure favours a long term bullish bias since the unpeg in January 2015.

USD/JPY bullish pattern pauses, currently trading at 109.37 and heading along the 109.50 range. The bearish pattern started in January 2018 is weakening. Hourly support and resistance are given at 106.65 (22/02/2018 low) and 110.26 (05/02/2018 high). The short-term technical structure suggests short-term downward moves.

We favor a long-term bearish bias. Support remains at 101.20 (09/11/2016 low). A gradual rise toward the major resistance at 125.86 (05/06/2015 high) seems unlikely. Expected to decline further support at 101.20 (09/11/2016 low). The pair trades below its 200 DMA.

GBP/USD is recovering from 1.3924 low, heading along the 1.3950 range. The pair is currently trading at mid-March low. Hourly support and resistance are given at 1.3905 (23/02/2018 low) and 1.4233 (31/01/2018 high). The technical structure suggests short-term increase.

The long-term technical pattern is reversing. The Brexit vote had paved the way for further decline but the pair is moving to 2016 highs. Long-term support and resistance are given at 1.1841 (07/10/2017 low) and 1.5018 (24/06/2016 high).

EUR/USD is bouncing off from 1.2160 low, breaking hourly support at 1.2165 (17/01/2018). The pair is heading along the 1.2185 range. The pair is trading at mid-January 2018 low. The pair is currently maintained between hourly support and resistance given at 1.2112 (12/01/2018 low) and 1.2506 (25/01/2018 high). The technical structure suggests short-term upward trading moves.

In the longer term, the momentum is turning largely positive. We favor a continued bullish bias. Key resistance is holding at 1.2886 (15/10/2014 high) while strong support lies at 1.1554 (08/11/2017 low).

XAUUSD (1323.70): Gold prices fell to intraday lows of 1318.85 before price action has started to consolidate. The consolidation below the 1325 level of support is expected to see this level being tested as resistance. The 4-hour chart is signaling a bullish divergence with the current lows forming a higher low on the Stochastics oscillator. A successful breakout above 1325 could signal a move to the upside with the next main resistance level at 1337.50 being the most likely target.

GBPUSD (1.3948): The British pound was seen declining on the day after an attempt to post a modest rebound failed just below the main price level of 1.4000. However, failure to test this level as resistance could signal a near term rebound in prices. GBPUSD has stalled near the previous lows which is also indicative of a potential correction to the upside. The currency pair could however remain range bound within 1.4000 level and 1.3900 levels in the near term. A breakout from this level is expected to set the short term direction.

EURUSD (1.2177): The EURUSD currency pair was seen continuing to post losses yesterday with price seen testing the lower support level of of 1.2180. The losses came amid a brief rally earlier when the EURUSD tested the upper bounds at 1.2250 as noted previously. Price is seen currently consolidating near the 1.2180 level. An intraday rebound toward 1.2250 is expected as the markets head into the ECB meeting. With the upper resistance level at 1.2300 still yet to be tested for resistance, a breakout above 1.2250 could signal a stronger correction to the upside.

The U.S. dollar was seen maintaining the gains yesterday. Economic data was mostly quiet over the week. The U.S. crude oil inventories report showed a 2.2 million barrels per day increase beating forecasts of 1.6 million draw down seen from the week before.

Looking ahead, the economic data today will see the ECB's monetary policy meeting. The central bank is expected to keep rates and QE unchanged at today's meeting. The markets are expecting the ECB to maintain a dovish tone at today's meeting with the recent slowdown in economic activity as well as subdued inflation.

Data from the U.S. will see the release of the durable goods orders report. Economists are forecasting that core durable goods orders to rise 0.5% on the month. This would offset the 1.0% decline seen previously. Headline durable goods orders are forecast to rise 1.6% on the month. The increase is expected to rise at a slower pace of 3.0% seen in the previous month.