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For the 24 hours to 23:00 GMT, the AUD rose 0.43% against the USD and closed at 0.7685.

LME Copper prices declined 0.2% or $12.0/MT to $6902.5/MT. Aluminium prices fell 0.6% or $13.0/MT to $2152.0/MT.

The Reserve Bank of Australia (RBA), at its latest policy meeting, decided to keep its cash rate steady at 1.50%, citing weakness in inflation and slowdown in the housing market. The central bank kept its forecast for the nation’s economic growth largely unchanged and it expects inflation to gradually rise in the coming months. However, the central bank remained concerned about the outlook for household spending.

In the Asian session, at GMT0400, the pair is trading at 0.7689, with the AUD trading marginally higher from yesterday’s close.

The pair is expected to find support at 0.7657, and a fall through could take it to the next support level of 0.7625. The pair is expected to find its first resistance at 0.7711, and a rise through could take it to the next resistance level of 0.7733.

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

For the 24 hours to 23:00 GMT, the EUR marginally declined against the USD and closed at 1.1610.

On the data front, Eurozone final services PMI slid less than previously expected to 55.0 in October from 55.8 in September. The preliminary reading had recorded a fall to 54.9. Meanwhile, the region’s investor confidence index climbed to 34.0 in November, beating market expectations of a rise to a level of 31.0.

In the previous month, the index had registered a reading of 29.7.

In Germany, the seasonally adjusted factory orders showed an unexpected rise of 1.0% on a monthly basis in September, against expectations for a drop of 1.1%. In the prior month, factory orders had registered a revised rise of 4.1%. However, the nation’s final services PMI was downwardly revised to 54.7 in

October from a six-month high of 55.6 in September. The preliminary figures had indicated a fall to 55.2.

The US Dollar remained weak against its peers after the Federal Reserve (Fed) Bank of New York confirmed that William Dudley plans to retire earlier than expected in mid-2018, thus raising questions over leadership at the US Fed.

In the Asian session, at GMT0400, the pair is trading at 1.1611, with the EUR trading a tad higher from yesterday’s close.

The pair is expected to find support at 1.1588, and a fall through could take it to the next support level of 1.1565. The pair is expected to find its first resistance at 1.1626, and a rise through could take it to the next resistance level of 1.1641.

Moving ahead, Eurozone retail sales for September and a speech by the European Central Bank (ECB) President, Mario Draghi, due today, would be closely monitored by investors. Also, German industrial production data for September would be watched by market participants. In the US, JOLTS job openings and consumer credit figures, both for September, set to release later today would attract significant market attention.

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

For the 24 hours to 23:00 GMT, the GBP rose 0.73% against the USD and closed at 1.3172.

Overnight data revealed that UK BRC like-for-like sales declined 1.0% in October, led by weak sales of non-food items, from a gain of 1.9% reported in the prior month. Markets had expected the retail sales to rise 0.8%.

In the Asian session, at GMT0400, the pair is trading at 1.3174, with the GBP trading marginally higher from yesterday’s close.

The pair is expected to find support at 1.3102, and a fall through could take it to the next support level of 1.3030. The pair is expected to find its first resistance at 1.3212, and a rise through could take it to the next resistance level of 1.3250.

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 0.45% against the JPY and closed at 113.81.

In the Asian session, at GMT0400, the pair is trading at 113.91, with the USD trading 0.09% higher from yesterday’s close.

The pair is expected to find support at 113.60, and a fall through could take it to the next support level of 113.28. The pair is expected to find its first resistance at 114.33, and a rise through could take it to the next resistance level of 114.74.

Amid a lack of economic releases in Japan today, trading in the currency pair would be determined by global macroeconomic events.

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

For the 24 hours to 23:00 GMT, the USD declined 0.24% against the CHF and closed at 0.9977.

Macroeconomic data showed that the consumer price index (CPI) rose 0.7% in Switzerland on a yearly basis in October, meeting analysts’ expectations. In the previous month, CPI had recorded a similar rise.

Also, Switzerland’s total sight deposits declined to a level of CHF577.8 billion in the week ended 03 November, from a level of CHF578.5 billion reported in the prior week.

In the Asian session, at GMT0400, the pair is trading at 0.9982, with the USD trading marginally higher from yesterday’s close.

The pair is expected to find support at 0.9960, and a fall through could take it to the next support level of 0.9939. The pair is expected to find its first resistance at 1.0016, and a rise through could take it to the next resistance level of 1.0051.

With no major economic releases in Switzerland today, investor sentiment would be governed by global macroeconomic factors.

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

For the 24 hours to 23:00 GMT, the USD declined 0.43% against the CAD and closed at 1.2711.

Data indicated that the seasonally adjusted Ivey PMI in Canada rose more-than-expected to 63.8 in October. In the previous month, the Ivey PMI had registered a level of 59.6.

In the Asian session, at GMT0400, the pair is trading at 1.2712, with the USD trading a tad higher from yesterday's close.

The pair is expected to find support at 1.2682, and a fall through could take it to the next support level of 1.2653. The pair is expected to find its first resistance at 1.2762, and a rise through could take it to the next resistance level of 1.2813.

Investors will await a speech by the Bank of Canada's (BoC) Governor, Stephen Poloz, scheduled later in the day, to get insights about the monetary policy.

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

Short term FTSE Elliott Wave view suggests that Primary wave ((4)) ended with the decline to 7199.5. The rally up from there is unfolding as a zigzag Elliott Wave structure where Intermediate wave (A) ended at 7565.11 and Intermediate wave (B) ended at 7437.42. Intermediate wave (A) has a subdivision of an impulse Elliott Wave structure where Minor wave 1 ended at 7327.5, Minor wave 2 ended at 7289.75, Minor wave 3 ended at 7527.72, Minor wave 4 ended at 7493.68, and Minor wave 5 of (A) ended at 7565.11.

Intermediate wave (B) pullback unfolded as a double three Elliott Wave structure. Minor wave W of (B) ended at 7485.42, Minor wave X of (B) ended at 7560.04, and Minor wave Y of (B) ended at 7437.42. Intermediate wave (C) is currently in progress in 5 waves. The rally from 7437.42 low is unfolding as a diagonal where Minute wave ((i)) ended at 7532.36, Minute wave ((ii)) ended at 7478.88, Minute wave ((iii)) ended at 7580.93, and Minute wave ((iv)) ended at 7541.91. Near term, expect the Index to see another leg higher in Minute wave ((v)) before Minor wave 1 is complete and cycle from 10/25 low ends. Afterwards, Index should pullback in Minor wave 2 to correct cycle from 10/25 low in 3, 7, or 11 swing before the rally resumes. We don't like selling the Index.

FTSE 1 Hour Elliott Wave Analysis

Daily Pivots: (S1) 1.1585; (P) 1.1604 (R1) 1.1629; More...

EUR/USD is still bounded in consolidation from 1.1574 and intraday bias stays neutral. But after all, break of 1.1879 resistance is needed to confirm completion of the decline from 1.2091. Otherwise, near term outlook will stay bearish. Below 1.1574 will target 38.2% retracement of 1.0569 to 1.2091 at 1.1510.

In the bigger picture, rise from 1.0339 medium term bottom is seen as a corrective move for the moment. Therefore, in case of another rally, we'd be cautious on 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516 to limit upside and bring reversal. Meanwhile, sustained trading below 55 week EMA will suggest that such medium term rebound is completed and could then bring retest of 1.0339 low.

Daily Pivots: (S1) 1.3095; (P) 1.3135; (R1) 1.3211; More....

Strong rebound from 1.3038 suggests that fall from 1.3651 is not ready to resume yet. And, consolidation from 1.3026 is extending with another leg. While further rise cannot be ruled out, upside should now be limited below 1.3337 to bring fall resumption eventually. Break of 1.3038 will now resume decline from 1.3651 to 1.2773 key support level. However, decisive break of 1.3337 will indicate that pull back from 1.3651 is completed and medium term rise from 1.1946 is resuming.

In the bigger picture, as noted before, GBP/USD hit strong resistance from the long term falling trend line. Current development is starting to favor that corrective rebound from 1.1946 low has completed at 1.3651. Decisive break of 1.2773 will confirm this bearish case and target a test on 1.1946 low next, with prospect of resuming the low term down trend. Nonetheless, break of 1.3320 resistance will restore the rise from 1.1946 for 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466.

Daily Pivots: (S1) 0.9954; (P) 0.9991; (R1) 1.001; More....

Intraday bias in USD/CHF remains neutral as consolidation from 1.0037 is still in progress. Deeper retreat could be seen. But downside should be contained above 0.9835 resistance turned support and bring rally resumption. On the upside break of 1.0037 will resume whole rally from 0.9420. And with sustained trading above 61.8% retracement of 1.0342 to 0.9420 at 0.9990, USD/CHF should then target a test on 1.0342 key resistance.

In the bigger picture, current development suggests that USD/CHF has defended 0.9443 (2016 low) key support level again. Rise from 0.9420 could is a medium term up move and should target a test on 1.0342 high. This represents the upper end of a long term range that started back in 2015. On the downside, break of 0.9736 support is now needed to indicate completion of the rise from 0.9420. Otherwise, further rally will remain in favor in medium term.