Currency snapshot (commodity pairs)

Dollar index trading at 92.88 (+0.06%)

Strength meter (today so far) – Aussie +0.26%, Kiwi -0.27%, Loonie +0.06%

Strength meter (since last week) – Aussie -0.38%, Kiwi +0.09%, Loonie -1.30%

AUD/USD –

Trading at 0.759

Trend meter –

• Long term – Range/Buy, Medium term – Buy, Short term – Range/Sell

Support –

• Long term – 0.746, Medium term – 0.75, Short term – 0.765 (broken)

Resistance –

• Long term – 0.825, Medium term – 0.8, Short term – 0.78

Economic release today –

• Private sector credit grew 0.4 percent in October, up 5.3 percent from a year ago.
• Building permits up 0.9 percent in October, up 18.4 percent from a year ago.
• Private capital expenditure up 1 percent in the third quarter.
• AiG performance of manufacturing index will be updated at 22:30 GMT.

Commentary –

• Aussie is down this week as the dollar recovers and commodity prices remain weak.

NZD/USD –

Trading at 0.686

Trend meter –

• Long term – Sell, Medium term – Sell, Short term – Range/Sell

Support –

• Long term – 0.66, Medium term – 0.68, Short term – 0.69 (testing)

Resistance –

• Long term – 0.76, Medium term – 0.76, Short term – 0.725

Economic release today –

• ANZ business confidence declined to -39.3 in December survey from -10.1.
• Activity outlook declined to 6.5 percent from 22.2 percent.
• Third quarter terms of trade report will be released at 21:45 GMT.

Commentary –

• Kiwi is consolidating around 0.69 area and is likely to decline towards 0.64 area. It is the best performer of the week but down sharply today as confidence data declines sharply.

 USD/CAD –

Trading at 1.285

Trend meter –

• Long term – sell, Medium term – sell, Short term – Range/Buy

Support –

• Long term – 1.2, Medium term – 1.22, Short term – 1.246

Resistance –

• Long term – 1.355, Medium term – 1.32, Short term – 1.28 (testing)

Economic release today –

• The third quarter current account came at -19.35 billion.

Commentary –

• Loonie is the worst performer this week on lower exports of crude oil amid lower price of West Canada Select.

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