Currency snapshot (commodity pairs)

Dollar index trading at 98.12 (+0.07%).

Strength meter (today so far) - Aussie +0.70%, Kiwi +0.74%, Loonie +14%.

Strength meter (since last week) - Aussie +1.96%, Kiwi +0.58%, Loonie -0.40%.

AUD/USD -

Trading at 0.773

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 yesterday came at 50.1, much better than previous 43.9.

Commentary -

• Aussie has gained further above 0.77 level today, but struggling to decisively break above resistance zone. Sellers remain at large around 0.773 level.
• It is still the best performing currency among the pack, as bulls still remain at large over RBA rate decision.
• Nevertheless, larger downtrend still remains intact.

NZD/USD -

Trading at 0.76

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 treading water near the resistance zone, however pair kiwi remains best performer intraday, today. Bulls found support near 0.75 area.
• 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 1.253

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 - 1.243-1.24

Resistance -

• Long term - 1.298-1.315, Medium term - 1.30-1.35, Short term - 1.28 -1.284, Immediate - 1.267-1.27

Economic release today -

• New house price index grew 0.2% m/m and 1.4% y/y in February.
• Building permits dropped -0.9% m/m in February.

Commentary -

• Canadian dollar once again bounced back from support area, as crude prices failed to break above the resistance zone.
• Speculative buy positions suggested yesterday, might be kept on hold with breakeven +25 pips as stop. Pair might move further to test sellers resolve at upper bound of the range.