Currency snapshot (commodity pairs)

Dollar index trading at 96.22 (-0.42%)

Strength meter (today so far) – Aussie +0.06%, Kiwi +0.37%, Loonie -0.19%

Strength meter (since last week) – Aussie +0.79%, Kiwi +1.60%, Loonie -0.42%

AUD/USD –

Trading at 0.751

Trend meter –

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

Support –

• Long term – 0.683, Medium term – 0.72, Short term – 0.73

Resistance –

• Long term – 0.782, Medium term – 0.765, Short term – 0.765

Economic release today –

• Private sector credit grew at 6.2 percent y/y in May, down from 6.5 percent in April.
• Producer price index grew 1 percent y/y in June.
• M3 money supply grew 5.9 percent y/y in June.

Commentary –

• Aussie is hovering around 0.75 handle. Active call – Buy AUD/USD at 0.752 and at dip with the stop loss at 0.71 and the target at 0.82

NZD/USD –

Trading at 0.711

Trend meter –

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

Support –

• Long term – 0.66, Medium term – 0.69, Short term – 0.69

Resistance –

• Long term – 0.8, Medium term – 0.76, Short term – 0.73

Economic release today –

• ANZ activity outlook came at 31.4 percent in July, down from 35.1 percent in June.
• ANZ business confidence declined to 16 in June from 20.2 in July.

Commentary –

• New Zealand dollar is the best performer of the week but still struggling to break key resistance around 0.73 area.

USD/CAD –

Trading at 1.318

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 – 1.34, Medium term – 1.325, Short term – 1.325

Economic release today –

• NIL

Commentary –   

• Canadian dollar is the worst performer of the week due to lower oil price.