Currency snapshot (commodity pairs)

Dollar index trading at 96.49 (-0.47%)

Strength meter (today so far) – Aussie +0.37%, Kiwi +0.40%, Loonie +0.16%

Strength meter (since last week) – Aussie +1.16%, Kiwi +1.40%, Loonie +0.80%

AUD/USD –

Trading at 0.738

Trend meter –

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

Support –

• Long term – 0.67, Medium term – 0.69, Short term – 0.71

Resistance –

• Long term – 0.79 Medium term – 0.75, Short term – 0.732 (broken)

Economic release today –

• RBA kept policy rate unchanged at 150 bps at today’s meeting.
• Q3 current account balance came at -10.7 billion.

Commentary –

• The Australian dollar is likely to keep struggling amid a stronger economy and a stronger USD. The medium-term trend is shifting to the buy side.

NZD/USD -

Trading at 0.695

Trend meter -

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

Support –

• Long term – 0.62, Medium term – 0.65, Short term – 0.66

Resistance –

• Long term – 0.735, Medium term – 0.72, Short term – 0.695 (testing)

Economic release today –

• Global dairy auction is scheduled today

Commentary –

• The New Zealand dollar is the best performer of the week as a stronger economy weighs over stronger USD. Active Call - Sell kiwi targeting 0.59 area.

 USD/CAD –

Trading at 1.317

Trend meter –

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

Support –

• Long term – 1.26, Medium term – 1.29, Short term – 1.315 (tesing)

Resistance –

• Long term – 1.35, Medium term – 1.33, Short term – 1.33

Economic release today –

• Markit manufacturing PMI rose to 54.9 in November.

Commentary –

• Loonie is the worst performer of the week and as weaker price of Canadian heavy oil weighs. Canada’s benchmark crude oil trading at just $1the 2.1 per barrel.   Active Call - Sell USD/CAD at 1.314 targeting 1.25 area.