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For the 24 hours to 23:00 GMT, the AUD declined 0.37% against the USD and closed at 0.7572.

LME Copper prices declined 0.6% or $43.5/MT to $6756.5/MT. Aluminium prices declined 1.8% or $38.0/MT to $2062.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7589, with the AUD trading 0.22% higher against the USD from yesterday's close.

Overnight data indicated that Australia's seasonally adjusted building approvals registered an unexpected rise of 0.9% in October, confounding market expectations for a fall of 1.0%. Building approvals had recorded a revised rise of 0.6% in the previous month.

Elsewhere in China, Australia's largest trading partner, the NBS manufacturing PMI unexpectedly advanced to a level of 51.8 in November, compared to a reading of 51.6 in the prior month, while markets were anticipating for a drop to a level of 51.4. Further, the nation's NBS non-manufacturing PMI climbed to a level of 54.8 in November, compared to a level of 54.3 in the previous month.

The pair is expected to find support at 0.7561, and a fall through could take it to the next support level of 0.7532. The pair is expected to find its first resistance at 0.7609, and a rise through could take it to the next resistance level of 0.7628.

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 EUR marginally rose against the USD and closed at 1.1852, after data showed that inflation in the Euro-zone's largest economy picked up for first time in three months in November.

The flash consumer price index (CPI) in Germany rose more-than-expected by 1.8% on an annual basis in November, offering signs that robust growth in the nation's economy may be translating into higher prices. The CPI had registered a gain of 1.6% in the previous month, while markets were expecting for an increase of 1.7%.

Additionally, the Euro-zone's final consumer confidence index climbed to a 16-year high level of 0.1 in November, confirming the preliminary print. In the preceding month, the index had recorded a revised reading of -1.1. Moreover, the region's economic confidence index jumped to a level of 114.6 in November, hitting its highest level since October 2000 and meeting market expectations. In the prior month, the index had registered a revised reading of 114.1.

The greenback gained ground against a basket of major currencies, propelled by upbeat remarks on the US economy by the Federal Reserve (Fed) Chair, Janet Yellen.

The Fed Chair stated that economic expansion in the US has gained strength this year and this would encourage the central bank to continue gradual interest rate hikes in order to sustain a healthy labour market and stabilise inflation at the its target. However, Yellen expressed significant concerns over the nation's surging public debt and income inequality.

Separately, the Fed Beige Book report indicated that economic growth across the US advanced at a modest to moderate pace in October through mid-November. Further, it revealed that inflationary pressures have strengthened and the labour market has continued to tighten.

On the data front, the second estimate of annualised gross domestic product (GDP) showed that the US economy climbed more than initially estimated by 3.3% QoQ in the third quarter of 2017, notching its fastest pace in three years, buoyed by robust business spending. The annualised GDP had recorded a rise of 3.1% in the prior quarter, while the preliminary figures had indicated a rise of 3.0%. Also, the nation's pending home sales rebounded 3.5% on a monthly basis in October, beating markets consensus for a rise of 1.0% and compared to a revised fall of 0.4% in the prior month.

On the other hand, the nation's mortgage applications declined 3.1% in the week ended 24 November. Mortgage applications had climbed 0.1% in the previous week.

Meanwhile, the Senate Budget Committee, voted 52-48 to begin formal debate on a key Republican tax bill.

In the Asian session, at GMT0400, the pair is trading at 1.1866, with the EUR trading 0.12% higher against the USD from yesterday's close.

The pair is expected to find support at 1.1829, and a fall through could take it to the next support level of 1.1792. The pair is expected to find its first resistance at 1.1892, and a rise through could take it to the next resistance level of 1.1918.

Trading trend in the Euro today is expected to be determined by the release of the Euro-zone's CPI for November and unemployment rate data for October, scheduled to release in a few hours. Moreover, Germany's unemployment rate data for November and retail sales data for October, will also garner significant amount of investor attention. Additionally, the US initial jobless claims, followed by personal income and spending data for October, will be on investors' radar.

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 0.45% against the USD and closed at 1.3414, on hopes that Britain and the European Union moved closer to a Brexit deal.

In economic news, UK's mortgage approvals dropped to a level of 64.6K in October, falling to a more than one-year low level. Mortgage approvals had registered a revised reading of 66.1K in the prior month, while markets were expecting for a drop to a level of 65.0K. Moreover, the nation's net consumer credit advanced £1.45 billion in October, less than market expectations for a rise of £1.50 billion. In the prior month, net consumer credit had registered a revised rise of £1.48 billion.

In the Asian session, at GMT0400, the pair is trading at 1.3471, with the GBP trading 0.42% higher against the USD from yesterday's close.

Overnight data indicated that the nation's GfK consumer confidence index eased to a 4-month low level of -12.0 in November, as households turned gloomy about the nation's economic outlook. The index had recorded a level of -10.0 in the prior month, while investors had envisaged for a fall to a level of -11.0.

The pair is expected to find support at 1.3391, and a fall through could take it to the next support level of 1.3312. The pair is expected to find its first resistance at 1.3515, and a rise through could take it to the next resistance level of 1.356.

Going ahead, trades would focus on UK's Nationwide house prices for November, due 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 rose 0.43% against the JPY and closed at 111.98.

In the Asian session, at GMT0400, the pair is trading at 111.98, with the USD trading flat against the JPY from yesterday's close.

Data released overnight showed that Japan's flash industrial production rebounded less-than-expected by 0.5% MoM in October, following a drop of 1.0% in the previous month. Market participants had envisaged industrial production to climb 1.8%.

The pair is expected to find support at 111.52, and a fall through could take it to the next support level of 111.07. The pair is expected to find its first resistance at 112.29, and a rise through could take it to the next resistance level of 112.61.

Moving ahead, investors will keep a close watch on Japan's jobless rate and the national consumer price index, both for October, due to release overnight.

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

For the 24 hours to 23:00 GMT, the USD rose 0.06% against the CHF and closed at 0.9844.

On the macro front, Switzerland’s ZEW economic expectations index advanced to a level of 40.7 in November, compared to a reading of 32.0 in the prior month. Further, the nation’s UBS consumption indicator advanced to a level of 1.54 in October, after recording a revised level of 1.51 in the previous month.

In the Asian session, at GMT0400, the pair is trading at 0.9841, with the USD trading a tad lower against the CHF from yesterday’s close.

The pair is expected to find support at 0.9818, and a fall through could take it to the next support level of 0.9795. The pair is expected to find its first resistance at 0.9867, and a rise through could take it to the next resistance level of 0.9893.

Ahead in the day, market participants would eye Switzerland’s real retail sales for October and the KOF leading indicator for November.

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

For the 24 hours to 23:00 GMT, the USD rose 0.41% against the CAD and closed at 1.2864.

In the Asian session, at GMT0400, the pair is trading at 1.2860, with the USD trading marginally lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.2819, and a fall through could take it to the next support level of 1.2777. The pair is expected to find its first resistance at 1.2888, and a rise through could take it to the next resistance level of 1.2915.

With no macroeconomic releases in Canada today, trading trend in the CAD is expected to be determined by global macroeconomic factors.

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

Dow Future Short term Elliott Wave view suggests that Intermediate wave (4) ended at 23204. The rally from there is proposed to be unfolding as a leading diagonal Elliott wave structure. Minute wave ((i)) ended at 23464, Minute wave ((ii)) ended at 23241, Minute wave ((iii)) ended at 23599 and Minute wave ((iv)) ended at 23572. Cycle from 11/15 low (23204) is mature and has reached 1.236 extension, but while pullbacks stay above 23618, Index still can see one more leg higher to end Minute wave ((v)).

The 5 waves leading diagonal rally from 23204 low should also end Minor wave 1 of larger degree. Index should then pullback in Minor wave 2 in 3, 7, or 11 swing before the rally resumes. We don’t like selling any proposed pullback and expect buyers to appear again once Minor wave 2 pullback is complete in 3, 7, or 11 swing provided pivot at 23204 low stays intact.

YM_F Dow Future 1 Hour Elliott Wave Chart

EURUSD

The EURUSD was indecisive yesterday. The bias is neutral in nearest term. Overall I remain neutral but as long as stay inside the bullish channel as you see my H1 chart below, price is still in a bullish phase with key support seen around 1.1800 which is a good place to buy with a tight stop loss. Immediate resistance is seen around 1.1880. A clear break above that area could trigger further bullish pressure testing 1.1920 – 1.1960 region. On the downside, a clear break and daily close below 1.1800 would stop the current bullish phase testing 1.1690 region or lower.

GBPUSD

The GBPUSD had a bullish momentum yesterday topped at 1.3447. It looks like the major bullish trend is now back on its track after some bearish correction. The bias is bullish in nearest term testing 1.3500 before retesting 1.3615 region. Immediate support is seen around 1.3380. A clear break below that area could lead price to neutral zone in nearest term testing 1.3330 but overall I remain bullish and any downside pullback should be seen as a good opportunity to buy.

USDJPY

The USDJPY continued its bullish momentum yesterday topped at 112.14. The bias is bullish in nearest term testing 112.50. A clear break and daily close above that area could trigger further bullish pressure testing 113.20. Immediate support is seen around 111.65. A clear break below that area could lead price to neutral zone in nearest term testing 111.00 – 110.65 support area. Overall I remain neutral but still prefer a bearish scenario at this phase as a part of the bearish pin bar scenario on daily chart.

USDCHF

The USDCHF was indecisive yesterday. The bias is neutral in nearest term. Immediate resistance is seen around 0.9875 area which remains a good place to sell with a tight stop loss. Immediate support is seen around 0.9818. A clear break and daily close below that area could trigger further bearish pressure testing 0.9780 or lower. On the upside, a clear break and daily close above 0.9875 would expose 0.9940 region. Overall I remain neutral.

GBPUSD - The pair looks to extend its recovery further following its strong strength during morning trading on Thursday. Support lies at the 1.3450 level where a break will turn attention to the 1.3400 level. Further down, support lies at the 1.3350 level. Below here will set the stage for more weakness towards the 1.3300 level. Conversely, resistance stands at the 1.3500 levels with a turn above here allowing more strength to build up towards the 1.3550 level. Further out, resistance resides at the 1.3600 level followed by the 1.3650 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the whole, GBPUSD continues to face upside pressure.

Daily Pivots: (S1) 148.99; (P) 149.70; (R1) 150.79; More...

GBP/JPY's strong break of 149.45 resistance now argues that consolidation pattern from 152.82 is completed at 146.96. Intraday bias is bacon the upside for 151.92 resistance first. Break there should confirm rise resumption and target 61.8% projection of 139.29 to 152.82 from 146.96 at 155.32 next. On the downside, below 149.33 minor support will dampen the delay the bullish view and extend the consolidation from 152.82 with another falling leg.

In the bigger picture, medium term rebound from 122.36 is still expected to resume after corrective pull back from 152.82 completes. Firm break of 38.2% retracement of 196.85 to 122.36 at 150.43 will carry long term bullish implications. In that case, GBP/JPY could target 61.8% retracement at 167.78. However, break of 139.29 will indicate rejection from 150.43 key fibonacci level. And the three wave corrective structure of rebound from 122.36 will argue that larger down trend is resuming for a new low below 122.26.