Currency snapshot (commodity pairs)

Dollar index trading at 97.48 (+0.62%).

Strength meter (today so far) - Aussie -0.25%, Kiwi +0.03%, Loonie -0.75%.

Strength meter (since last week) - Aussie -0.25%, Kiwi +0.03%, Loonie -0.75%.

AUD/USD -

Trading at 0.761

Trend meter -

• Long term - Sell, Medium term - Range, 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 - 0.793-0.796, Immediate -0.787

Economic release today -

• AIG performance of manufacturing index improved to 52.3 in May from 48 prior.
• Building permits dropped by -4.4% m/m in April, still up by 16.3% from a year ago.

Commentary -                                                                               

• Aussie is still weak but selloffs have stabilized as price stands very close to crucial short term support.

NZD/USD -

Trading at 0.71

Trend meter -

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

Support -

• Long term - 0.653, Medium term - 0.70, Short term - 0.71-0.708

Resistance -

• Long term - 0.883, Medium term - 0.80-0.805, Short term - 0.737-0.74, Immediate - 0.719-0.721

Economic release today -

• NIL

Commentary -

• Kiwi is best performer today as crucial 0.70 mark providing psychological support.

USD/CAD -

Trading at 1.254

Trend meter -

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

Support -

• Long term - 1.17, Medium term - 1.1840-1.18, Short term - 1.217, Immediate - 1.238-1.236

Resistance -

• Long term - 1.298-1.315, Medium term - 1.30-1.35, Short term - 1.28

Economic release today -

• RBC manufacturing PMI came at 49.8, higher than prior 49, but still at contractionary zone.

Commentary -

• Canadian dollar biggest loser today, set to lose grounds further.