Currency snapshot (commodity pairs)

Dollar index trading at 95.60 (+0.30%).

Strength meter (today so far) - Aussie -0.62%, Kiwi -0.81%, Loonie -0.08%.

Strength meter (since last week) - Aussie -1.96%, Kiwi -2.22%, Loonie -1.87%.

AUD/USD -

Trading at 0.787

Trend meter -

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

Support -

• Long term - 0.60, Medium term - 0.71, Short term - 0.756-0.75, Immediate - 0.786-0.784

Resistance -

• Long term - 0.87, Medium term - 0.83, Short term - 0.83

Economic release today -

• Westpac consumer confidence index rose 6.4% in May to 102.4

Commentary -                                                                               

• Aussie dropped further down and now stands at key support. Bullish bias has ebbed significantly. Sell position advised to be taken only on break out or bounce back.

NZD/USD -

Trading at 0.733

Trend meter -

• Long term - Sell, Medium term - Range, Short term - Range/Sell resistance

Support -

• Long term - 0.653, Medium term - 0.719-0.712, Short term - 0.738-0.736(broken)

Resistance -

• Long term - 0.883, Medium term - 0.80-0.805, Short term - 0.768-0.772, Immediate - 0.748-0.752

Economic release today -

• NIL

Commentary -

• Kiwi is the worst performer today and broken below short term support area. Further downside remains open. Selling is not recommended at rallies. Dovish RBNZ outlook weighs on price.

USD/CAD -

Trading at 1.222

Trend meter -

• Long term - Buy, Medium term - Range/Sell, Short term - Range/Buy Support

Support -

• Long term - 1.17, Medium term - 1.1840-1.18, Short term - 1.19

Resistance -

• Long term - 1.298-1.315, Medium term - 1.30-1.35, Short term - 1.235-1.241, Immediate - 1.225-1.228

Economic release today -

• Wholesale sales grew 0.8% m/m in March.

Commentary -

• Canadian dollar is the best performer among commodity pairs today. Immediate support area of 1.225-1.228 is providing resistance, further rise is likely. Buying at dips is recommended.