Currency snapshot (commodity pairs)

Dollar index trading at 100.3 (+0.15%)

Strength meter (today so far) – Aussie -0.33%, Kiwi -0.32%, Loonie -0.22%

Strength meter (since last week) – Aussie +0.09%, Kiwi -0.07%, Loonie -0.36%

AUD/USD –

Trading at 0.745

Trend meter –

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

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 –

• Current account deficit for the third quarter came at 11.4 billion.
• RBA kept interest rate on hold.

Commentary –

• The Australian dollar is underperforming despite RBA keeping rates on hold as commodities weigh. 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 0.712

Trend meter –

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

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 –

• Global dairy auction is scheduled today.
• Third quarter manufacturing sales report will be published at 21:45 GMT.
• RBNZ governor Wheeler is scheduled to speak at 22:00 GMT.

Commentary –

• The kiwi is recovering from the drop after Prime Minister resigns suddenly. We expect kiwi to rise towards 0.81 area.

 USD/CAD –

Trading at 1.33

Trend meter –

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

Support –

• Long term – 1.28, Medium term – 1.3 , Short term – 1.32

Resistance –

• Long term – 1.38, Medium term – 1.365, Short term – 1.365

Economic release today –

• Trade deficit for October came at 1.1 billion.

Commentary –   

• Loonie’s performance lags despite recovery in oil prices. We expect the loonie to reach 1.375 and 1.4.