Dollar index trading at 97.39 (-0.53%).
Strength meter (today so far) - Aussie +0.95%, Kiwi +1.04%, Loonie +0.70%.
Strength meter (since last week) - Aussie +1.73%, Kiwi +0.42%, Loonie +0.56%.
AUD/USD -
Trading at 0.771
Trend meter -
- Long term - Sell, Medium term - Sell, Short term - Range/Sell Resistance
Support -
- Long term - 0.60, Medium term - 0.71, Short term - 0.756-0.75
Resistance -
- Long term - 0.87, Medium term - 0.83, Short term - 0.79-0.80, Immediate - 0.771-0.773
Economic release today -
- AIG performance of construction index to be released at 23:30 GMT. Prior was 43.9
Commentary -
- Aussie has gained above 0.77 level today, amid weaker dollar, however struggling to gain further. Seller remain at large around 0.773 level.
- However it is best performer this week, after RBA held rates steady.
- Bigger downtrend still remains in play. Weaker dollar over today's FOMC minutes might lead the pair towards 0.79 zone.
NZD/USD -
Trading at 0.759
Trend meter -
- Long term - Sell, Medium term - Buy/Range, Short term - Range
Support -
- Long term - 0.653, Medium term - 0.719-0.712, Short term - 0.738-0.736, Immediate - 0.744-0.741
Resistance -
- Long term - 0.883, Medium term - 0.80-0.805, Short term - 0.768-0.772, Immediate - 0.76-0.763
Economic release today -
- NIL
Commentary -
- Kiwi gained amid weaker dollar, however as expected pair facing large offers around 0.76 level.
- Bearish doji with long upper shadow remains in focus in weekly chart. Very close to a grave stone doji. Bias is still downwards.
USD/CAD -
Trading at 1.241
Trend meter -
- Long term - Buy, Medium term - Buy/Range, Short term - Range
Support -
- Long term - 1.17, Medium term - 1.24-1.234, Short term - 1.247-1.245 (Broken)
Resistance -
- Long term - 1.298-1.315, Medium term - 1.30-1.35, Short term - 1.28 -1.284
Economic release today -
- NIL
Commentary -
- Canadian dollar has broken below short term support and might be looking for further gains against dollar.
- Stronger oil price is providing support to the currency.
- Pair is testing the medium term support zone, a break out might lead to sharp gains in loonie.
- However speculative buy positions can be entered, with tight stop loss around support zone as risk reward ratio is very favorable, should the dollar strengthen from here.
