Currency snapshot (commodity pairs)

Dollar index trading at 93.46 (-0.44%)

Strength meter (today so far) – Aussie +0.66%, Kiwi +0.29%, Loonie +0.50%

Strength meter (since last week) – Aussie +1.47%, Kiwi +1.06%, Loonie +0.55%

AUD/USD –

Trading at 0.767

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

Resistance –

• Long term – 0.825, Medium term – 0.8, Short term – 0.77 (testing)

Economic release today –

• Q1 GDP up 1 percent q/q, up 3.1 percent from a year ago.

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 0.705

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

Resistance –

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

Economic release today –

• NIL

Commentary –

• Kiwi is up on a weaker dollar as it finds support near 0.69 area.

 USD/CAD –

Trading at 1.288

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 –

• Building permits down 4.6 percent from a year ago.
• April trade balance came at -$1.9 billion.
• IVEY PMI came at 62.5 in May.

Commentary –

• Loonie is the worst performer this week so far. The focus is on trade talks.

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