Currency snapshot (commodity pairs)

Dollar index trading at 93.24 (-0.28%)

Strength meter (today so far) – Aussie +0.75%, Kiwi +0.90%, Loonie +0.62%

Strength meter (since last week) – Aussie +2.76%, Kiwi +2.50%, Loonie +1.33%

AUD/USD –

Trading at 0.751

Trend meter –

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

Support –

• Long term – 0.683, Medium term – 0.7, Short term – 0.71

Resistance –

• Long term – 0.782, Medium term – 0.75, Short term – 0.75

Economic release today –

• Westpac leading index rose 0.21 percent in April.

Commentary –                                                   

• Aussie is continuing its gains in line with rising risk affinity.

NZD/USD –

Trading at 0.718

Trend meter –

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

Support –

• Long term – 0.62, Medium term – 0.63, Short term – 0.656

Resistance –

• Long term – 0.72, Medium term – 0.72, Short term – 0.72

Economic release today –

• NIL

Commentary –

• Kiwi has broken above key 0.72 area, likely to extend gains further.

USD/CAD –

Trading at 1.277

Trend meter –

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

Support –

• Long term – 1.248, Medium term – 1.25 , Short term – 1.25

Resistance –

• Long term – 1.334, Medium term – 1.32, Short term – 1.32

Economic release today –

• Retail sales grew 0.9 percent in April.

Commentary –                                                                                         

• Loonie is supported by weaker dollar but worse performing commodity pair this week due to weakness in oil price.