Currency snapshot (commodity pairs)

Dollar index trading at 96.61 (+0.02%)

Strength meter (today so far) – Aussie -0.85%, Kiwi -1.2%, Loonie -0.8%

Strength meter (since last week) – Aussie -1.26%, Kiwi -2.14%, Loonie -1.33%

AUD/USD –

Trading at 0.757

Trend meter –

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

Support –

• Long term – 0.683, Medium term – 0.71, Short term – 0.742

Resistance –

• Long term – 0.82, Medium term – 0.79, Short term – 0.76

Economic release today –

• New motor vehicle sales down -0.1% in February, up 2.3% from a year ago.
• Westpac leading economic index will be released at 23:00 GMT.

Commentary –                                                                               

• Aussie is best performer this week, but down a bit ahead of FOMC.

NZD/USD –

Trading at 0.675

Trend meter –

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

Support –

• Long term – 0.56, Medium term – 0.62, Short term – 0.643

Resistance –

• Long term – 0.7, Medium term – 0.69, Short term – 0.69

Economic release today –

• Current account balance for fourth quarter will be released today at 21:45 GMT.
• Dairy auction is scheduled today.

Commentary –

• Kiwi is up today but worst performer of the week due to surprise rate cut from RBNZ.

USD/CAD –

Trading at 1.319

Trend meter –

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

Support –

• Long term – 1.285, Medium term – 1.285 , Short term – 1.316

Resistance –

• Long term – 1.41, Medium term – 1.387, Short term – 1.35

Economic release today –

• NIL

Commentary –                                                                                         

• Canadian Dollar is up as Dollar loses its grip further. Next targets are, 1.32, 1.29 and 1.17 area. Focus today is on BOC monetary policy.