Currency snapshot (commodity pairs)

Dollar index trading at 94 (-0.06%)

Strength meter (today so far) – Aussie +0.11%, Kiwi +0.39%, Loonie +0.14%

Strength meter (since last week) – Aussie +0.50%, Kiwi +1.48%, Loonie +0.36%

AUD/USD –

Trading at 0.754

Trend meter –

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

Support –

• Long term – 0.72, Medium term – 0.75, Short term – 0.75 (re-testing)

Resistance –

• Long term – 0.825, Medium term – 0.8, Short term – 0.77

Economic release today –

• NIL

Commentary –

• The 0.75 area break is turning out to be a false breakout. Aussie recovered from earlier loss as the dollar declines from key resistance.

NZD/USD -

Trading at 0.697

Trend meter -

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

Support –

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

Resistance –

• Long term – 0.76, Medium term – 0.735, Short term – 0.735

Economic release today –

• ANZ business confidence index declined to -27.2 in May from -23.4 in April. ANZ activity outlook declines to 13.6 percent, down from 17.8 percent

Commentary –

• Kiwi is the best performer of the week so far as it finds support near 0.69 area.

 USD/CAD –

Trading at 1.298

Trend meter –

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

Support –

• Long term – 1.22, Medium term – 1.24, Short term – 1.25

Resistance –

• Long term – 1.32, Medium term – 1.3, Short term – 1.30

Economic release today –

• GDP grew by 0.3 percent in March, up 1.3 percent from a year ago.

Commentary –

• Loonie is the worst performer this week. Recovered loss on a weaker dollar. The focus is on trade talks.

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